Stock market today: Indexes wobble as investors digest Nvidia earnings
Nvidia CEO Jensen Huang
Indexes dipped on Thursday as traders digested Nvidia earnings.
Stocks slipped after rising slightly amid Nvidia’s latest earnings results. Shares of the chip maker whipsawed following the report, flipping between losses and gains before settling slightly higher after the opening bell to trade around $147.13 a share.
The company posted another solid earnings beat, with third-quarter revenue of $35.08 billion, beating the consensus analyst estimate of $33.25 billion. That number marks a 94% increase from the same period last year.
In its forward-looking guidance, the company forecast fourth-quarter sales of $37.5 billion, plus or minus 2%. That forecast largely lines up with analyst estimates of $37.1 billion but missed some analysts’ loftier expectations.
Nvidia CEO Jensen Huang attributed much of the beat to strong demand for its Blackwell chip, a follow-up to its popular Hopper chip.
“Demand for Hopper and anticipation for Blackwell — in full production — are incredible as foundation model makers scale pretraining, post-training, and inference,” he said.
Meanwhile, bitcoin continues to skyrocket as its price climbed above $98,000 on Thursday, nearing the $100,000 threshold after reports that Donald Trump is considering a “crypto czar” policy role for his incomin administration.
The gains come as Trump’s election win has stoked hopes of greater support for the crypto industry as a whole.
Meanwhile, data on Thursday showed weekly jobless claims dropped again last week, falling to 213,000 in a 6,000 decline from the week before. That number remains near the lowest since April.
But continuing claims, or the total number of Americans collecting jobless benefits, rose to their highest in three years at 1.91 million, a 36,000 increase.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 5,908.21, down 0.15%
- Dow Jones Industrial Average: 43,459.83, up 0.12% (+51.36 points)
- Nasdaq composite: 18,910.47, down 0.29%
Here’s what else is going on:
- These under-the-radar stocks have surged since Donald Trump’s election win.
- Gold will soar to record highs in the first year of Trump’s term as uncertainty sparks a flight to safety, commodities expert says.
- An economist known as ‘Dr. Doom’ has launched an ETF designed to protect against Trump risks.
- Markets think the odds of a Fed pause in December are rising.
In commodities, bonds, and crypto:
- Oil futures rose. West Texas Intermediate crude rose 1.6% to $69.82 a barrel. Brent crude, the international benchmark, rose 1.5% to $73.89 a barrel.
- Gold rose 0.8% to $2,671.90 an ounce.
- The 10-year Treasury yield edged lower to 4.39%.
- Bitcoin edged closer to $100,000, trading above $98,000 early Thrusday.
