U.S. futures extended gains after jobless claims dropped to seven-month low as the U.S. economy plowed ahead. Nvidia shares turnd positive as analysts recommended accentuating the Nvidia positives.
Market Snapshot
At 08:44 a.m. ET, Dow E-minis were up 211 points, or 0.48%, S&P 500 E-minis were up 30.5 points, or 0.51%, and Nasdaq 100 E-minis were up 110 points, or 0.53%.
Pre-Market Movers
Nvidia - Nvidia shares gained 2% in premarket trading Thursday, reversing initial losses. Analysts recommended accentuating the Nvidia positives. Nvidia forecast its slowest revenue growth in seven quarters on Wednesday, with the artificial intelligence chipmaker failing to meet lofty expectations of some investors who have made it the world's most valuable firm.
Crypto stocks - Crypto stocks jumped as Bitcoin topped $98,000 and rushed towards $100,000. MicroStrategy rose 13%; Marathon Digital rose 10%; CleanSpark, Canaan, Bitfarms, and Hut 8 Mining rose 5%; Riot Platforms, Bit Digital, and Bakkt Holdings rose 4%; Coinbase rose 3%.
Snowflake - Snowflake soared 24% after the data-software company posted third-quarter adjusted earnings of 20 cents a share, topping estimates of 15 cents, on revenue of $942 billion, higher than forecasts of $899 million and better-than-year earlier revenue of $734 million. Product revenue—derived from the consumption of compute, storage, and data transfer resources by Snowflake customers—in the period jumped 29% to $900 million, and Snowflake said it expects fiscal fourth-quarter product revenue of $906 million to $911 million, above estimates of $882 million.
PDD Holdings - PDD Holdings fell 10.5% in U.S. premarket trading after the China based e-commerce company and Temu parent reportedthird-quarter earningsand revenue that rose from a year earlier but widely missed analysts’ estimates.
Baidu - U.S.-listed shares of Baidu, the Chinese search-engine company, were down 1.7% afterthird-quarter revenuefell 3% from a year earlier on continued weak advertising demand. Net profit in the quarter rose 14%.
Palo Alto Networks - Palo Alto Networks reported fiscal first-quarter earnings, when removing one-time items, of $1.56 a share, better than Wall Street estimates of $1.48, on a 14% revenue jump to $2.14 billion. Subscription and support revenue of $1.79 billion rose from $1.54 billion a year earlier. The stock was down 2.5% even after the cybersecurity company raised its fiscal-year guidance, saying its expects revenue of between $9.12 billion to $9.17 billion, up from a previous forecast of $9.1 billion to $9.15 billion. Analysts had been expecting revenue of $9.13 billion. The company’s board also approved a 2-for-1 stock split.
John Deere - Deere reported fiscal fourth-quarter earnings of $4.55 a share, down from $8.26 a year earlier but better than analysts’ expectations of $3.87. Revenue rose 28% to $11.14 billion. Deere said it expects fiscal 2025 earnings of $5 billion to $5.5 billion, below Wall Street forecasts of $5.8 billion. The stock rose 1.7%.
Semler Scientific - Semler Scientific shares surged another 23% in premarket trading on Thursday After a 28% jump yesterday. As of November 15, 2024, Semler Scientific held an aggregate of 1,273 bitcoins, which were acquired at an aggregate purchase price of $88.7 million and an average purchase price of $69,682 per bitcoin, inclusive of fees and expenses.
Market News
Nvidia's AI Chip Demand Still Booming but Slowing Sales Growth Worries Investors
Nvidia forecast its slowest revenue growth in seven quarters on Wednesday, with the artificial intelligence chipmaker failing to meet lofty expectations of some investors who have made it the world's most valuable firm.
Shares of the Santa Clara, California-based company fell after it posted results .
Expectations ran high ahead of the results, with Nvidia shares up more than 20% over the last two months and hitting an intraday record high on Monday. The stock has nearly quadrupled so far this year and is up more than ninefold over the last two years, giving it a market value of $3.6 trillion.
Bitcoin Breaks $98,000 for First Time on Optimism over Trump Crypto Plans
Bitcoin's march toward $100,000 made further ground on Thursday as investors bet a friendlier U.S. regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class.
Bitcoin prices topped $98,000 for the first time in Asia trade.
The cryptocurrency's price has more than doubled this year and is up about 40% in the two weeks since Trump was voted in as the next U.S. president and a slew of pro-crypto lawmakers were elected to Congress.
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