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Futures Rocket on Nvidia Optimism
The TSX stumbled 121.4 points to close Wednesday at 22,346.76.
The Canadian dollar forged ahead 0.13 cents at 73.18 cents U.S.
June futures were ahead 0.4% Thursday.
Technology shares are expected to see a boost after U.S. chipmaker Nvidia surprised investors with a forecast above Wall Street estimates that sent its shares rallying 6.8% in premarket trading.
It’s a light day on the macroeconomic boards, with the new housing price rising by 0.2% monthly in April on the strength of increases in large urban centres such as Edmonton, Calgary, and Vancouver. Overall, adds StatsCan, prices increased in five of the 27 census metropolitan areas (CMAs) surveyed, were unchanged in 15 CMAs and declined in seven.
ON BAYSTREET
The TSX Venture Exchange slid 9.2 points, or 1.5%, Wednesday, to 611.32.
ON WALLSTREET
NASDAQ futures rose Thursday as Wall Street assessed the latest quarterly results from market bellwether Nvidia
Futures for the Dow Jones Industrials sprang up 87 points, or 0.2%, to 39,870.
Futures for the S&P 500 added 37 points, or 0.7%, at 5,365.
Futures for the NASDAQ Composite surged 208.25 points, or 1.1%, to 18,995.
Chipmaker and artificial intelligence darling Nvidia added 6% in premarket trading, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.
Nvidia’s fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.
Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3-trillion market cap, Nvidia also has considerable sway over the broad S&P 500.
The final stage of the first-quarter reporting season continues Thursday with results from Ralph Lauren, BJ’s Wholesale, Workday and more.
On the economic front, investors await weekly jobless claims and new home sales data for April.
In Japan, the Nikkei 225 hiked 1.3%, while in Hong Kong, the Hang Seng index tumbled 1.7%.
Oil prices strengthened 61 cents to $78.18 U.S. a barrel.
Gold prices shrank $22.40 to $2,370.50 U.S. an ounce.
