NVIDIA’s Earnings Boost Market Sentiment as PMIs Awaited

By Tomasz Wisniewski|

Published: May 23 2024, 06:33 GMT+0

NVIDIA’s Earnings Boost Market Sentiment as PMIs Awaited

It’s Thursday, and the market is buzzing with excitement following NVIDIA’s impressive earnings report from yesterday. NVIDIA surprised investors with a substantial EPS of 6.12 and $26 billion in revenue. Alongside this, the company announced a stock split, which has further fueled positive market sentiment. As a result, index futures are climbing higher in the early European session, dispelling fears of a broader market correction.

Today’s economic calendar is packed with PMI reports from major economies, a day we can aptly call “PMI Day.” Recently, manufacturing PMIs have typically fallen below 50, indicating contraction, while services PMIs have remained above 50, indicating expansion. These reports will provide critical insights into the health of various sectors and will be closely monitored for market reactions throughout the day.

In the forex market, the New Zealand dollar, Australian dollar, and British pound are starting strong, while the American dollar appears weakest. This currency movement reflects shifting investor sentiment and positioning.

Meanwhile, the commodities sector continues to show weakness, particularly in energies and precious metals. Yesterday, both sectors had a rough day, and this negative trend seems likely to persist today. Oil and precious metals are under pressure, facing bearish sentiment that could impact trading strategies.

As we move through Thursday, it’s clear that NVIDIA’s earnings have set a positive tone, but the day’s PMI reports and ongoing trends in currencies and commodities will shape the broader market dynamics.

Source: https://www.axiory.com/analytics/market-news/nvidia-s-earnings-boost-market-sentiment-as-pmis-a