"The futures are trading higher after NVIDIA Inc. ( NASDAQ: NVDA) blew out its fiscal third-quarter results and offered strong forward guidance, though perhaps not as robust as Wall Street had hoped. Shares were up over 5% after the company reported earnings per share of $1.30, above estimates of $1.25, and revenue of $57 billion, above estimates of $55 billion."
"Before the huge aftermarket news event, all of the major indices finished the day higher after four losing days in a row. The NASDAQ led the way, closing the day up 0.59% at 22,564; the S&P 500 closed at 6642, up 0.38%; and the Dow Jones Industrial Average was last seen at 46,138, up just 0.10%. Some analysts and pundits theorized that the bounce-back was a combination of "Buy the Dip" traders and Hedge Funds closing out their short positions."
NVIDIA reported fiscal third-quarter earnings per share of $1.30 and revenue of $57 billion, both above estimates, lifting futures and helping major indices recover after a four-day losing streak. The NASDAQ led gains while analysts credited a mix of buy-the-dip traders and hedge funds covering shorts, and some portfolio managers may be repositioning ahead of the Thanksgiving holiday and a potential year-end rally. Treasury yields rose modestly as investors awaited upcoming economic data and Fed guidance, with the 30-year at 4.75% and the 10-year at 4.13%. Oil benchmarks fell, with WTI at $59.36 (-2.16%) and Brent at $63.60 (-1.99%).
Read at 24/7 Wall St.
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