From NVIDIA's Triumph to Dow's Reversal: Thursday's Comprehensive Market Wrap-Up

From NVIDIA's Triumph to Dow's Reversal: Thursday's Comprehensive Market Wrap-Up
Welcome on Thursday, where the spotlight is predominantly on NVIDIA and its recent earnings announcement. With a wave of anticipation preceding this event, NVIDIA didn't disappoint; the company unveiled its earnings results after the market closure and surpassed all expectations. Their impressive EPS was reported at 2.7, dramatically overshadowing the expected 2.07. Revenue figures further underscored their success, coming in at $13.5B, a staggering leap from the forecasted $11B. Reflecting this positive sentiment, NVIDIA’s stock in after-hours trading surged by 7% before the onset of the European session.
The broader stock market mirrored this exuberance. Indices experienced a stellar day, with a swift rebound wiping out the losses sustained over several previous sessions. A closer inspection reveals a bullish trend: The Dow Jones, for instance, found support from its long-term uptrend line, the NASDAQ convincingly shattered its mid-term downtrend barrier, and the DAX reclaimed its position above the 15,700 points threshold. These bullish indicators are strong signals of potential buy opportunities.

However, while equities basked in their glory, the commodities market stole a part of the limelight. Both silver and gold have been witnessing impressive rallies, with prices soaring to unprecedented highs. Contrary to this, the Forex landscape remained relatively muted, barring a notable correction witnessed in the British Pound. As the day progresses, the NZD and JPY seem to be emerging as the underperformers.

The economic calendar for the day is also brimming with significant events. Key among them are the jobless claims and durable goods orders data from the US. Additionally, the much-anticipated Jackson Hole Symposium is set to commence. Yesterday, across the pond, the UK presented less than favorable PMIs, potentially explaining the softening stance on the British Pound. The US didn’t fare much better in its PMI releases, with both services and manufacturing PMIs falling short of market expectations.
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