Tech Stocks Fall Despite Nvidia’s Beat, Walmart Jumps 6%: What’s Moving Markets Thursday?
Nvidia Corp. (NASDAQ:NVDA) delivered another blockbuster quarter and raised its outlook, but even that wasn’t enough to lift Wall Street on Thursday. Major indexes gave back substantial morning gains and flipped to the red by midday in New York, as a broader risk-off mood tightened its grip on the market.
The world’s largest company posted $57 billion in quarterly revenue, topping the $54.8 billion consensus, while earnings of $1.30 per share beat expectations of $1.25.
Nvidia shares initially jumped 5% both after hours Wednesday and at Thursday’s open — but the rally reversed quickly. By midday the stock was trading around $183.50, down 1.8% from Wednesday’s close.
The Nasdaq 100 tumbled 1.2% to 24,350 points, while the S&P 500 edged 0.7% down to 6,600.
A hotter-than-expected U.S. jobs report likely cooled any early enthusiasm for a tech rebound, as traders now think a December rate cut is less likely to occur.
Non-farm payrolls rose by 119,000 in September, more than double the 50,000 economists …
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