Stock markets will open with the strength of Nvidia’s (NVDA) quarterly earnings and 10-for-1 stock split. The Fed minutes, which indicated that some members considered raising rates, will offset Nvidia’s influence on tech stock prices.
Nvidia earned $6.12 a share, thanks to gaming revenue of $2.6 billion rising by 18% Y/Y. Data center revenue is the firm’s strength as revenue soared to $22.6 billion. Its gross margin of 78.9% is equally impressive. Watch Taiwan Semiconductor (TSM), Intel (INTC), AMD (AMD), ASML, and Super Micro Computer (SMCI) rising today.
In the retail sector, V.F. (VFC) continued to struggle. Shares lost 7.5% after the company posted an EPS loss of $0.32. All of its brands, such as North Face, are suffering from a drop in sales. The Vans business recorded a 26% sales decline.
Snowflake (SNOW) reported a 32.9% Y/Y rise in revenue to $828.71 million. The stock jumped by almost 12% until investors noticed the $300 million in operating loss. The share count increased in the quarter despite the company buying back $500 million worth of shares.
Moderna (MRNA) gained 13.67% on Wednesday after investors took a second look at post-pandemic vaccine suppliers. Pfizer (PFE), Novavax (NVAX), and BioNTech (BNTX) are trending higher. In the absence of profit momentum from vaccine sales, consider taking profits.
