To The Moon

U.S. futures declined after Nvidia's earnings report; Asian markets were cautious ahead of Nvidia's financial results

🇺🇸 S&P 500 Index: -0.60% 📉

🇺🇸 Nasdaq Index: -1.12% 📉

🇪🇺 Stoxx 600 Index: 0.33% 📈

🇯🇵 Nikkei 225 Index: 0.22% 📈

🇭🇰 Hang Seng Index: -1.01% 📉

🇨🇳 CSI 300 Index: -0.51% 📉

Wall Street was dragged down by the technology sector, with the S&P 500 and Nasdaq Composite indexes falling by -0.6% and -1.1% respectively. After Nvidia released strong quarterly earnings, U.S. stock futures declined in after-hours trading as market sentiment slightly eased due to high expectations.

Asian markets were mixed, with the Hang Seng Index falling by -1.0% as the market reduced risk appetite ahead of Nvidia's earnings report, while the Nikkei 225 Index rose by 0.2% due to a weaker yen and a boost from technology stocks $Semiconductor Bull 3X Shares(SOXL)$  $Nasdaq100 Bull 3X ETF(TQQQ)$  $Invesco QQQ(QQQ)$  .

💡 Upcoming Events: 💡

On Thursday, U.S. investors will be watching the preliminary GDP data, unemployment claims, and Japan's consumer confidence index.

By the end of the week, we will see the release of revised University of Michigan consumer sentiment index, PCE price index month-on-month, Japan's Tokyo core CPI year-on-year, unemployment rate, preliminary industrial production month-on-month, retail sales year-on-year, and EU core CPI and CPI forecast year-on-year data.

💡 Things to Know Today: 💡

1. Super Micro Computer (SMCI) $SUPER MICRO COMPUTER INC(SMCI)$  shares fell by -19.0% on Wednesday due to a delay in submitting their annual report. The company stated in a press release, "Management needs more time to complete the evaluation of the design and operational effectiveness of internal controls over financial reporting as of June 30, 2024."

SMCI

2. Nvidia $NVIDIA Corp(NVDA)$  reported earnings after the close that exceeded Wall Street expectations, thanks to a 122% year-on-year revenue increase. The company's earnings guidance for the quarter was $32.5 billion (an 80% increase year-on-year), surpassing the $31.7 billion forecast, but its stock fell -7.5% in after-hours trading.

Nvidia

3. Raphael Bostic, President of the Atlanta Federal Reserve Bank, said,“I don't want us to end up in a situation where we have to cut rates and then raise them again. That would be a very bad outcome. If I have to lean one way, it would be towards waiting longer to ensure we don't have this kind of up-and-down movement.”

Raphael Bostic

4. According to the Transportation Security Administration (TSA), the U.S. Labor Day weekend from August 29 to September 4 is expected to be the busiest ever for air travel, with passenger volume projected to increase by 8.5% year-on-year.

5. Following the launch of its new search engine, SearchGPT, last week, OpenAI is seeking a $10 billion valuation in a new funding round led by Thrive Capital.

SearchGPT

✅ Key Point:

Nvidia's strong revenue growth was overshadowed by production issues with its Blackwell chips. However, the company's overall strong performance reflects the growing demand for artificial intelligence technology.

@Daily_Discussion  @TigerStars  @Tiger_comments  @CaptainTiger  @MillionaireTiger  @TigerGPT