AI giant creates excitement
Wall Street nervous about Nvidia numbers
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After the months-long AI boom, US investors fear a crash. Expectations for Nvidia's quarterly results are dizzyingly high. This is having a huge impact on the mood on Wall Street.
The expectation of chip giant Nvidia's quarterly figures is making investors on Wall Street nervous. The Dow Jones Index the standard values closed 0.4 percent weaker in the evening at 41,091 points. The broader one S&P 500 fell 0.6 percent to 5592 points. The technology stock market index Nasdaq lost a good one percent to 17,556 jobs. “Investors are a little nervous about what they're going to see and hear from Nvidia,” said Sam Stovall, chief strategist at analyst firm CFRA. “Since expectations have been so high recently, you wonder how much better things can get.”
The figures from the specialist in the field of artificial intelligence (AI) are likely to move not only his own shares, but also the technology sector and the overall market. Nvidia's soaring boosted stocks in the industry at the start of the year. But last reporting season, the explosion in AI costs made investors nervous.
Commodity prices depressed
Meanwhile, economic concerns depressed prices on the raw materials markets. The heightened tensions in the Middle East also took a back seat on the oil market. Investors' concerns about demand remained dominant, which weighed on sentiment. As a result, North Sea Brent crude oil fell in price by 0.9 percent to $78.80 per barrel (159 liters). US WTI oil was quoted 0.8 percent lower at $74.72 per barrel. U.S. crude oil inventories fell by 846,000 barrels last week to 425.2 million barrels, government data showed.
According to a survey, analysts had expected a decline of 2.3 million barrels. “It's a little surprising that crude oil consumption is so low when refining activity is at a six-week high,” said Matt Smith, senior oil analyst at data firm Kpler. Concerns about the weakening Chinese economy also continued to weigh on prices. “Demand in China remains weak,” stated Amarpreet Singh, analyst at the major British bank Barclays. “We don’t yet see any credible signs that the expected upswing will begin in the second half of the year.”
Buffet passes the one trillion mark
The spotlight among the individual stocks was, among others, the shares of Berkshire Hathaway. Two days before US star investor Warren Buffett's 94th birthday, the value of his company broke the one trillion dollar mark. Investors also bought into Nordstrom. The department store chain's shares climbed by almost four percent. Nordstrom's sales rose by a good three percent in the last quarter despite the general sector weakness.
The US server provider, on the other hand, came under heavy pressure Great Micro Computers. The Californian company's shares have since slipped by almost a quarter to a seven-month low of around $421 after it postponed the filing of its annual report. Accusations from US short seller Hindenburg had already sent the shares plummeting on Tuesday. They also flew out of the depots Bath & Body Works. The shares of the cosmetics and care products provider from Ohio collapsed after a forecast reduction of almost seven percent. Given the still high inflation, consumers are currently holding back on purchasing products such as perfumes and scented candles.
You can find everything else about today's stock market events here.
