Stocks ease past Nvidia blues, crude oil rebounds
Dow closes at record high after Nvidia disappointment
Tech stocks prod STOXX 600 towards record highs
US dollar gains after GDP data backs smaller Fed cut
Oil gains as Libyan supply cuts counter modest US stock draw
Gold gains as investors zero in on Fed cuts, inflation data
Graphic: World FX rates http://tmsnrt.rs/2egbfVh
Updates with U.S. markets close, oil settlement; adds new analyst quote
By Chibuike Oguh
NEW YORK, Aug 29 (Reuters) -Global shares edged higher on Thursday, shrugging off investor disappointment at artificial intelligence powerhouse Nvidia's NVDA.O results, while oil prices rebounded from two sessions of losses helped by Libyan supply disruptions.
The Dow reached a fresh record high close, while the S&P 500 finished just below its July record close and the Nasdaq dropped. The Dow Jones Industrial Average .DJI rose 0.59% to 41,335.05, the S&P 500 .SPX was flat at5,591.96 and the Nasdaq Composite .IXIC lost 0.23% to 17,516.43.
European stocks .STOXX rose 0.76% after hitting a record high powered by technology shares. MSCI's gauge of stocks across the globe .MIWD00000PUS rose 0.04%to 827.62.
Nvidia beat analyst estimates on Wednesday with second quarter revenue of $30 billion and third quarter revenue forecast at $32.5 billion. But the results failed to meet lofty investor expectations that have underpinned a massive rally in Nvidia shares and catapulted the company into one of the main drivers of the benchmark S&P 500. The stock closed down 6.4%.
U.S. Commerce Department data showed that the economygrew at a 3.0% annualized rate last quarter, indicating that the Federal Reserve would have room to begin cutting rates in September.
"Nvidia is just a representation of what happens when the market gets ahead of itself in expectation," said Matthew Orton, chief markets strategist at Raymond James in St. Petersburg, Florida.
"When I actually look at the numbers themselves, it was a clean beat and raise pretty much across the board. I think there's a clear signal that demand for artificial intelligence remains strong."
The yield on benchmark U.S. 10-year notes US10YT=RR rose 2.4 basis points to 3.865%. Markets are fully pricing in a rate cut of at least 25 basis points (bps) during the Fed's September meeting, although expectations for a cut of 50 bps fell to 34.5% after the data, according to CME's FedWatch Tool.
Investors are also eyeing the personal consumption expenditure price index - which is the Fed's preferred inflation measure and is due on Friday.
"The economy is doing a little bit better than expected. If you break down the number you see once again, it's the intrepid consumer that is continuing to consume, which is very positive for the economy," said Mark Malek, chief investment officer at SiebertNXT in New York.
The U.S. dollar rose after GDP data. The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.36%at 101.37,with the euro EUR= down 0.39%at $1.1077.
Gold climbed again and was just shy of notching another record high. Spot gold XAU= added 0.79% to $2,522.08 an ounce. U.S. gold futures GCcv1 settled 0.9% higher at $2,560.3.
Oil prices gained as concerns over Libyan supplies helped offset a smaller than expected draw in U.S. crude inventories, which tempered demand expectations.
Brent crude futures LCOc1 settled up 1.64% at$79.94 a barrel, while U.S. crude CLc1 rose 1.87% at $75.91.
Reporting by Chibuike Oguh, Editing by Nick Zieminski and Marguerita Choy
https://www.reuters.com/markets/ For Reuters Live Markets blog on European and UK stock markets, please click on: LIVE/
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
