NVDA

NVIDIA Corporation

127.44
USD
2.67%
127.44
USD
2.67%
122.14 346.47
52 weeks
52 weeks

Mkt Cap 310.33B

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US STOCKS-Nasdaq rises over 1% as dip in yields supports megacaps

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window U.S. Senate approves bill on climate change, drug costs Nvidia drops as slump in gaming demand hits Q2 revenue Tyson Foods down on quarterly profit miss Palantir drops on forecast cut Indexes up: Dow 0.78%, S&P 0.86%, Nasdaq 1.29% Updates price, data to open By Bansari Mayur Kamdar and Aniruddha Ghosh Aug 8 (Reuters) - The Nasdaq led U.S. stock indexes higher on Monday as a pullback in Treasury yields boosted megacap growth stocks after last week's blockbuster jobs data sparked a tech selloff on expectations of sharp rate hikes by the Federal Reserve. The focus this week will be on consumer prices data on Wednesday. The S&P 500 has bounced back 13% from its mid-June lows, but investors fear that signs of persistent inflation this week could further bolster the Fed's case for aggressive monetary policy tightening. "While it's clear the Fed needs to continue tightening policy, there are still about six weeks until the next meeting and we remind investors that economic data can change very quickly," said Robert Schein, chief investment officer, Blanke Schein Wealth Management. "The CPI data will help to confirm if the Fed's tightening efforts have been successful in starting to tame inflation or if continued Fed tightening is needed." U.S. rate futures have priced in a 68.5% chance of a 75-basis-point hike at the Fed's September meeting, up from about 41% before payrolls data on Friday beat market expectations. IRPR Megacap growth and technology stocks rose in early trading, with Tesla TSLA.O up 5.2%. The U.S. electric-car maker signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, according to a CNBC report. High-growth stocks such as Apple Inc AAPL.O and Amazon.com Inc AMZN.O, whose valuations are vulnerable to rising bond yields, gained as U.S. Treasury yields pulled back from sharp highs in the previous session. The benchmark 10-year yield declined to 2.77% as investors continued to assess an unexpectedly strong jobs report from Friday. US/ "Stocks don't need good data, they need softer yields, as softer yields push their valuations higher," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. The recovery in equities since July was mostly due to the easing of U.S. yields on the back of growing recession expectations and partly due to the better-than-feared earnings reports, Ozkardeskaya added. Chipmaker Nvidia Corp NVDA.O fell 4.6% on saying it expects second-quarter revenue of about $6.70 billion, down 19% from the prior quarter, largely hurt by weakness in its gaming business. Meanwhile, the U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise some corporate taxes. Signify Health Inc SGFY.N jumped 14.8% on a media report that CVS Health Corp CVS.N was looking to buy the health technology company. At 9:50 a.m. ET, the Dow Jones Industrial Average .DJI was up 256.40 points, or 0.78%, at 33,059.87, the S&P 500 .SPX was up 35.81 points, or 0.86%, at 4,181.00, and the Nasdaq Composite .IXIC was up 163.05 points, or 1.29%, at 12,820.61. Palantir Technologies Inc PLTR.N dropped 13.2% after the data analytics software company lowered its annual revenue forecast as the timing of some large government contracts remained uncertain. Tyson Foods Inc TSN.N fell 8.9% on missing quarterly profit expectations. Advancing issues outnumbered decliners for a 4.96-to-1 ratio on the NYSE and a 3.43-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and 29 new lows, while the Nasdaq recorded 70 new highs and seven new lows. (Reporting by Bansari Mayur Kamdar and Aniruddha Ghosh in Bengaluru; Editing by Shounak Dasgupta) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Aug 2 (Reuters) - Media firm Forbes is exploring a sale of its business at a price of at least $630 million, the New York Times reported on Tuesday, citing four people with knowledge of the process. The publisher of Forbes magazine has tapped investment bank Citigroup to explore the sale of its business after a previous deal to go public fell through, the NYT reported. https://nyti.ms/3BB8xCP Forbes did not immediately respond to a Reuters request for comment. Citigroup declined to comment. In recent weeks, an offering document describing Forbes' financials compiled by Citi has been circulated to companies in the media sector, including Yahoo, according to the NYT report. Forbes generated more than $200 million in revenue and over $40 million in profit in 2021, the report said. In June, Forbes sought to terminate its $630 million deal with former Point72 executive Jonathan Lin-led special purpose acquisition company (SPAC) Magnum Opus to go public. SPAC deals were among the hottest investment trends during the pandemic but the rapid increase in the number of deals has drawn the attention of the Securities and Exchange Commission, which has proposed new rules and additional disclosures from the deal sponsors. (Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Maju Samuel) ((yuvraj.malik@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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