Market Madness: S&P 500 and Dow Jones Reach Record Highs, Nvidia Makes Wall Street History, ASX Jumps on Global Tech Rally
1. Nvidia’s impressive earnings results far exceeded expectations, with its forecasted revenue 17% higher than analysts had predicted. This has caused US markets to close at record levels, with the Nasdaq increasing by 3%, the S&P 500 by 2.1%, and the Dow by 1.1%. The impact of Nvidia has also been felt in the AI sector and the Philadelphia Semiconductor Index is moving toward record territory.
2. In Europe, the Stoxx600 index rose 0.8% to reach an all-time high, and Mercedes Benz posted better-than-expected earnings, with their shares finishing about 4% higher after announcing a €3 billion share buyback. Futures suggest a positive start in the local market today, up around 0.4%. However, there is a lack of a technology sector that can emulate the results seen in the northern hemisphere.
3. Local earnings figures are awaited, including gains from companies such as Brambles, Bacor, and Financial Latitude. It remains to be seen how it will all play out.