NVIDIA released its latest quarterly results after last night’s close. The stock flew higher in the immediate aftermath and was soon trading above $203 to hit its highest level since early November. But prices subsequently reversed, for a high-low range of $10, or 5%. It’s probably fair to say that NVIDIA’s results failed to fully impress, despite broadly solid numbers.
Source: TN Trader
There were beats for both sales and revenues, while forward guidance was also stronger than expected. But this wasn’t the ‘stellar’ results to which the market has become accustomed, and this has left many investors pondering: ‘What next?’
It’s also worth noting that the stock had already rallied ahead of the earnings report. And while it remains above a modest area of resistance (now modest support) around $195, it still wouldn’t be a complete surprise if prices fell back within the trading range shown above.
Meanwhile, Salesforce was down around 3% this morning after issuing disappointing long-term revenue guidance. It’s fair to point out that sentiment in software remains fragile amid ongoing concerns that rapidly advancing AI tools could disrupt incumbent business models.
Looking ahead, there are more earnings today, and the big releases include Warner Bros. Discovery, Dell Technologies, Intuit, Monster Beverages and CoreWeave. Weekly Unemployment Claims are also out today, with Producer Prices tomorrow.
