Daily Digest: Thursday 22nd February


USA
As US earnings season edges towards it close, the posterchild of the global AI boom, Nvidia ($NVDA) posted their fourth quarter (2023) earnings after the closing bell on Wednesday. Both revenue and earnings per share (EPS) beat analyst expectations. Revenues were reported at $22.1bn with estimates lagging between $20.4-20.55bn, meanwhile EPS was $5.16, ahead of estimates averaging $4.60. Nvidia shares rose to all-time highs during Thursday’s session, trading at $758.38 up some 16.4%. The jump also topped Meta’s February record for the largest single session increase in market capitalisation, increasing by $277bn.

Although there still remains some hesitation over the sustainability of both AI and tech growth into 2025, Nvidia’s positive earnings call was a sigh of relief for global markets.

Riding the back of a positive report, the three major US indexes all rose during Thursday’s session as market sentiment was reinforced. The Nasdaq 100 ($NDX) rose over 3%, breaking $18,000. While both the S&P 500 ($SPX) and Dow ($INDU) reached respective all-time highs. The S&P 500 closing at $5,087.03, and the Dow closing at $39,069.11.

On the flipside of the market, EV manufacturer Rivian ($RIVN) also posted earnings on Wednesday evening, with EPS figures disappointing investors pushing share prices down 25.6% to $11.45, a far cry from the post IPO highs which exceeded $128.


Europe
The STOXX 600 (€STOXX) closed Thursday’s session alike many other benchmark indexes at an all-time high, reaching €495.1.
Discontent amongst farmers across Europe has continued, spreading easterly as protests continue opposing rising costs, higher barriers to support, and lower pricing.


Rest of the World
The benchmark Japanese index the Nikkei 225 (¥N225) hit all-time highs during today’s session, breaking its 1989 peak. The index traded up 2.2% on the day, closing at ¥39,089.68. Japanese markets are now shut, as the nation celebrates Emperors Day, allowing for a short cooling off period before traders return to their desks on Monday.  


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Daily Digest: Friday 23rd February

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Daily Digest: Wednesday 12th April