A look at Thursday morning’s market action
Wall Street futures were up early Thursday with tech shares getting a boost after chipmaker Nvidia blew past market expectations with its latest revenue forecast. Major European markets were positive. TSX futures advance with earnings from Canada’s biggest banks in focus.
“The market expectations were sky-high, the results went to the moon, the forecasts for this quarter are as stunning, and the company is expected to earn around $30-billion in full-year 2024 because Nvidia is not and will not be concerned about the industry-wide slump in chips demand, thanks to a decent surge in demand for AI processors in data centers,” Swissquote senior analyst Ipek Ozkardeskaya said in a note. “Magic is happening for Nvidia.
The day range on Brent was US$82.57 to US$83.41 in the early premarket period. The range on West Texas Intermediate was US$78.22 to US$79.07. “The imminent commencement of the Jackson Hole Economic Symposium, set to begin later today, is poised to assume a role of paramount significance in steering global markets,” Stephen Innes, managing partner with SPI Asset Management, said.
“As the Jackson Hole Symposium gets under way, market participants are looking for direction,” said Isabel Albarran, Investment Officer at Close Brothers Asset Management.
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