Stocks ease past Nvidia blues, crude oil rebounds
Wall Street shrugs off 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 woes counter modest US stock draw
Gold gains as investors zero in on Fed cuts, inflation data
Graphic: World FX rates http://tmsnrt.rs/2egbfVh
New throughout, updates prices with U.S. market, adds 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 results, while oil prices rebounded from two sessions of losses helped by Libyan supply disruptions.
Wall Street's main indexes were trading higher , withthe Dow Jones Industrial Average .DJI rose 0.64%to 41,353.44,the S&P 500 .SPX gained 0.72%to 5,632.22 and the Nasdaq Composite .IXIC gained 1.07% to 17,744.52.
European stocks .STOXX rose 0.75% after hitting a record high powered by technology shares.MSCI's gauge of stocks across the globe .MIWD00000PUS rose 0.28% to 829.66.
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 was last down 3.3%.
"Interestingly, Nvidia did as well as anybody expected. They did even better, I would say they even crushed the numbers," said Mark Malek, chief investment officer at SiebertNXT in New York.
"But expectations are everything out there these days and people were hoping for some real fireworks."
The U.S. economy grew at a 3.0% annualized rate last quarter, according to Commerce Department data on Thursday, indicating that the Federal Reserve would have room to begin cutting rates in September.
The yield on benchmark U.S. 10-year notes US10YT=RR rose 2.6 basis points to 3.867%. Markets are fully pricing in a rate cut of at least 25 basis points (bps) during theFed'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 - 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," Malek added.
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 0.52% at 101.53, with the euro EUR= down 0.53% at $1.1061.
Gold climbed again and was just shy of notching another record high.Spot gold XAU= added 0.51% to $2,514.89 an ounce. U.S. gold futures GCc1 gained 0.63% to $2,518.30 an ounce.
Oil prices edged higher 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 were up 2.15% to $80.34 a barrel, while U.S. West Texas Intermediate crude CLc1 futures were up 2.15% at $76.39.
Reporting by Chibuike Oguh, Editing by Nick Zieminski
https://www.reuters.com/markets/ For Reuters Live Markets blog on European and UK stock markets, please click on: LIVE/
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