New York Stock Market Started Higher On Nvidia’s 15% Surge

The New York stock market started on the rise, with technology stocks rising due to Nvidia’s strong performance. As of 10:29 a.m. on the New York Stock Exchange (NYSE) on the 22nd (Eastern time), the Dow Jones Industrial Average is recording 38,895.96, up 283.72 points (0.73%) from the previous day. The Standard & Poor’s (S&P) 500 index rose 80.94 points (1.62%) from the previous day to 5,062.74, and the Nasdaq index rose 373.93 points (2.40%) from the previous day to 15,954.80.

The market seems to have taken a breather as the stock price of Nvidia, which announced its earnings the previous day, soared more than 15%. This is because the performance of NVIDIA, which has led the artificial intelligence (AI) craze, was considered a barometer to gauge the direction of the overall index. Nvidia announced that its sales increased 265% compared to the same period last year. Net income for the quarter increased 769%. Both sales and net profit exceeded expectations, and the stock price is rising more than 15% due to strong performance.

Microsoft, Amazon, and Meta are all rising by more than 2-3%. Due to Nvidia’s strong performance, the stock price of semiconductor company AMD is also rising by more than 7%, and Marvel Technology, Broadcom, and ASML are all rising by more than 4-5%. Van Eck Semiconductor Exchange Traded Fund (ETF) is also rising by more than 6% on this day. Other companies are continuing to announce their earnings. Moderna’s stock price is rising more than 6% as it achieved a surprising net profit and sales exceeded expectations. Shares of online furniture company Wayfair are rising more than 6% on news that its losses were smaller than expected.

Federal Reserve System (Fed) officials also made remarks. “If the economy develops as expected, it may be appropriate to begin rolling back policy restrictions later this year,” said Federal Reserve Governor Philip Jefferson. However, he did not mention the specific timing of the interest rate cut. “We remain cautiously optimistic about the progress of inflation and will review all incoming indicators to assess the economic outlook and the risks surrounding it and determine the appropriate future direction for monetary policy,” Jefferson said.

As inflation indicators have recently shown to be stronger than expected, there has been an increasing number of government officials saying that a cautious attitude should be maintained when lowering interest rates. The number of unemployment insurance claimants announced today was 201,000 last week, a decrease of 12,000 from the previous week. Today’s figure was below market expectations of 216,000, the lowest in five weeks. This suggests that the job market is still solid. In the S&P 500 index, stocks related to utilities and consumer staples are falling, while stocks related to technology, communications, consumer discretionary goods, and finance are rising.

European stock markets are also rising. Germany’s DAX index is rising 1.52% compared to the previous day, and the UK’s FTSE index is rising 0.17%. The French CAC index is up 1.22%, and the pan-European STOXX600 index is up 0.86%. International oil prices also showed a slight upward trend. The price of West Texas Intermediate Crude Oil (WTI) for the April contract rose 0.26% from the previous day to $78.11 per barrel, and the price of Brent crude oil for April contract rose 0.18% from the previous day to $83.18 per barrel.

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