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MORNING BID: NVIDIA 'BEATS' AS EXPECTED, BUT FALLOUT LIMITED

By Reuters
August 29, 202412:10 PM GMT+2Updated 11 hours ago
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CommentaryBy Reuters
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in
this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File
Photo Purchase Licensing Rights, opens new tab
A look at the day ahead in U.S. and global markets from Mike Dolan
After all that, Nvidia (NVDA.O), opens new tab beat expectations - which has
become "expected" - and the stock retreated about 5%. This is still August,
after all.
To be fair, the negative market reception to the artificial intelligence
pacesetter's quarterly results overnight was typical of the reaction to other
ostensible "beats" in the sector in this earnings season. These stocks are
expensive, have come a long way in a short space of time and the bar to impress
is now sky high.
Advertisement · Scroll to continue

And while the hoopla around the $3.1 trillion-valued Nvidia's earnings this week
reflects long-standing concerns about over-concentration of the market on the
fortunes of a handful of companies, the wider disturbance has been limited.
There were some clouds on the horizon of the megacap chip designer, but the main
concern was simply that the "beat" wasn't as big as it has been recently. For
all the reasonable concerns, this was far from a fatal blow to the AI theme.
Advertisement · Scroll to continue

Spin out to other related readouts and the sky still looks pretty clear.
Salesforce (CRM.N), opens new tab beat Wall Street expectations on revenue and
profit too amid higher spending on its enterprise cloud products - sending its
shares up 3% in extended trading.
Super Micro Computer (SMCI.O), opens new tab did tumble almost 20% on Wednesday
- but that was after the AI server maker said it would delay the filing of its
annual report a day after Hindenburg Research disclosed a short position in the
company.

And away from the Big Tech and AI world, the market value of billionaire Warren
Buffett's Berkshire Hathaway (BRKa.N), opens new tab surpassed $1 trillion for
the first time with a modest 1% gain in its class B stocks.
The upshot ahead of Thursday's bell? U.S. stock futures , were steady to higher
after the indexes ebbed marginally in the previous session.


ATTENTION BACK ON MACRO WORLD

Attention now switches back to the macro world, with the significant backdrop of
a likely first Federal Reserve rate cut in the cycle next month.

Even hawkish Atlanta Fed boss Raphael Bostic said overnight that it may be "time
to move", even though he retained the right to see some more data before making
up his mind.
On that score the next ingredients come later today with another critical health
check on the labor market and weekly jobless claims, with the Fed's favored PCE
inflation gauge due out tomorrow.
A punchy 100 basis points of Fed easing is still priced into the futures market
by year-end - so perhaps there's some room to row that back, regardless of
thinking on the first move in September.

Despite a heavy week of Treasury debt sales, that Fed picture remains a balm for
the bond market. Two-year yields recorded their lowest New York close in more
than a year on Wednesday and remained subdued at 3.86% first thing today, and
10-year yields slipped back too.
The global inflation picture still appears benign.
Oil prices remain under wraps even against unsettling supply threats and
continue to register year-on-year losses of up to 7%. U.S. retail gasoline
prices are down more than 14% on this time last year, the deepest annual loss in
12 months.
Inflation fell in six important German states in August due to lower energy
prices, suggesting Germany's national inflation rate could decline noticeably
this month.
Economists polled by Reuters forecast a harmonised national inflation rate in
Germany - the euro zone's largest economy - of 2.3% in August, down from 2.6%
the previous month. But the readout from the states means than could now come in
even lower.
With markets already pricing a second interest rate cut this year from the
European Central Bank even before the Fed meets next month, the euro fell back
sharply on Thursday and lifted the dollar index (.DXY), opens new tab more
broadly.
Just as important, money markets now see a 70% chance of third ECB cut in
October.
And in China, the offshore yuan surged to its strongest level in more than three
weeks despite mainland stocks (.CSI300), opens new tab there ending in the red
again.
UBS on Wednesday cut its 2024 economic growth forecast for China to 4.6% from
4.9%, as it expects weaker property activity to have bigger than previously
assumed drag on the overall economy.
But in some sign of detente between the world's two biggest economic powers,
U.S. National Security Adviser Jake Sullivan met Chinese President Xi Jinping in
Beijing on Thursday and wrapped up three days of wide-ranging talks aimed at
easing tensions between the two ahead of November's U.S. election.
Key developments that should provide more direction to U.S. markets later on
Thursday:
* US Q2 GDP revision, weekly jobless claims, July trade balance, July
wholesale/retail inventories, July pending home sales; Canada Q2 current account
* Atlanta Fed President Raphael Bostic speaks
* US corporate earnings: Best Buy, Dollar General, Ulta Beauty, Lululemon,
Athletica, Autodesk, Campbell Soup, Brown-Forman, MongoDB
* US Treasury sells $44 billion of 7-year notes, $85 billion of 4-week bills,
$80 billion of 8-week bills

Reuters Graphics Reuters Graphics

AI optimism boosts tech stocks this year AI optimism boosts tech stocks this
year

Continuing jobless claims and JOLTS hires

Reuters Graphics

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S.
newsletter. Sign up here.

By Mike Dolan, editing by XXXX <a href="mailto:mike.dolan@thomsonreuters.com"
target="_blank">mike.dolan@thomsonreuters.com</a>

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Opinions expressed are those of the author. They do not reflect the views of
Reuters News, which, under the Trust Principles, is committed to integrity,
independence, and freedom from bias.
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Purchase Licensing Rights


READ NEXT

 * TechnologycategoryNvidia's rally takes a break after forecasts leave
   investors nonplussed
 * U.S. MarketscategoryDow closes at record high, Nvidia falls after forecast
 * Macro MatterscategoryUS second-quarter economic growth revised higher on
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 * Macro MatterscategoryUS economy displays resilience with low layoffs, solid
   second-quarter growth
 * BusinesscategoryUS auto sales set to rise in August on Labor Day weekend
   surge, report shows
 * TechnologycategorySalesforce gains as software firm bets on AI tools to power
   growth




MARKETS


 * STOCKS EASE PAST NVIDIA BLUES, CRUDE OIL REBOUNDS
   
   Marketscategory · August 29, 2024 · 10:43 PM GMT+2 · 27 min ago
   
   Global shares edged higher on Thursday, shrugging off investor disappointment
   at artificial intelligence powerhouse Nvidia's results, while oil prices
   rebounded from two sessions of losses helped by Libyan supply disruptions.

 * MarketscategoryTwo Republicans want Pentagon to add Chinese battery maker
   CATL to restricted listAugust 28, 2024
 * MarketscategoryStocks fall, Nvidia down 3% after the bell despite strong
   earningsAugust 28, 2024
 * MarketscategoryToronto market falls for second day as investors book
   profitsAugust 28, 2024
 * MarketscategoryMexico central bank shrinks 2024 GDP growth forecast to
   1.5%August 28, 2024




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