Nasdaq 100 futures rise after Nvidia posts quarterly earnings beat: Live updates

Nasdaq 100 futures rise after Nvidia posts quarterly earnings beat: Live updates

Nasdaq-100 futures rose on Wednesday evening as Wall Street assessed the latest quarterly results from market bellwether Nvidia.

Nasdaq-100 futures jumped 0.4%, while S&P 500 futures added 0.2%. Futures tied to the Dow Jones Industrial Average dipped 53 points, or 0.1%.

Chipmaking stock and artificial intelligence darling Nvidia added 6% in extended trading after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split. Snowflake added 4% on a revenue beat.

Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad S&P 500. The stock, alongside AI and megacap technology peers, has powered the market’s gains into 2024, with Wolfe Research’s Chris Senyek noting that a beat would be a “key tailwind” for equities overall.

“Even in the face of huge expectations, the company once again stepped up and delivered,” said Ryan Detrick, chief market strategist at Carson Group. “The always important data center revenue was strong, while future revenue was also impressive. Bottom line, the bar was high and cleared it once again.”

Stocks dropped during Wednesday’s session after minutes from the Federal Reserve’s May meeting fueled concerns over sticky inflation and fear that the central bank may push off cuts. The 30-stock Dow fell 0.51%, for its worst session in May. The S&P 500 dipped 0.27% and the Nasdaq Composite slid 0.18%.

The final stage of the first-quarter reporting season continues Thursday with results from Ralph Lauren, BJ’s Wholesale, Workday and more. On the economic front, investors await weekly jobless claims and new home sales data for April.

Stocks making the biggest moves after the bell: Snowflake, VF Corp and more

Here are some of the stocks on the move after the close:

  • Snowflake — The cloud-computing company jumped more than 4%. Fiscal first-quarter revenue surpassed the Street’s expectations, coming in at $829 million, versus consensus estimates for $786 million, per LSEG.
  • VF Corp. — The apparel and footwear company sank nearly 12% after posting an unexpected loss for the recent quarter and revenue that fell short of Wall Street’s estimates.
  • LiveRamp Holdings — The advertising technology stock popped nearly 17% on its fiscal fourth-quarter results, surpassing analyst estimates, per FactSet. LiveRamp also issued strong guidance for the current quarter and full year.

Read the full list of names on the move here.

— Samantha Subin

Live Nation shares slide on Bloomberg report that DOJ aims to break up entertainment giant

Shares of Live Nation Entertainment slid 6% in extended trading after Bloomberg News reported, citing people familiar, that the Department of Justice will sue the ticketing giant for antitrust violations.

Remedies that could be on the table include a break-up of Live Nation, sources familiar told Bloomberg. The concert promoter merged with Ticketmaster back in 2010.

Nasdaq 100 futures rise after Nvidia posts quarterly earnings beat: Live updates

Earlier this month, Live Nation reported a record first quarter, with revenue climbing to $3.8 billion, up 21% from the year-ago period.

Darla Mercado

Nvidia shares pop 6%, surpass $1,000 following strong earnings

Nvidia shares popped more than 6% to surpass the $1,000 mark for the first time ever during overnight trading following another robust quarter driven by artificial intelligence strength.

The chipmaker posted adjusted earnings of $6.12 per share, surpassing an LSEG estimate of $5.59. Revenue came in at $26.04 billion and ahead of an estimate of $24.65 billion. The company also offered strong sales guidance, saying that it anticipates sales of $28 billion for the current quarter, versus an LSEG estimate of $26.61 billion.

Nvidia also announced a 10-for-1 stock split and said that revenue surged 262% year over year during the period for a third consecutive quarter of growth exceeding 200%.

— Samantha Subin, Kif Leswing and Ashley Capoot

Nasdaq-100 futures open higher after Nvidia earnings

Nasdaq-100 futures jumped 0.4%, while S&P 500 futures added 0.2% following a strong report quarterly from chipmaker Nvidia. Futures tied to the Dow Jones Industrial Average dipped 50 points, or 0.1%.

— Samantha Subin

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