NVDA boosts rally in stocks, as yields fall on weak PMI [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Nvidia announced STUNNING results when it released its Q2 earnings yesterday after the bell. The company reported $13.5bn sales last quarter and said that it expects $16bn sales for next quarter, up from $12.6bn forecast last quarter. Earnings jumped to $2.70 per share, versus $2.09 expected by analysts, and the most-loved chipmaker of the year approved $25bn in share buybacks. Shares rallied 10% in the afterhours.

Elsewhere, the morose PMI data from Europe and the US pushed yields lower yesterday and kept US crude below the $80pb level, even though the US inventories dived more than 6 mio barrels for the second consecutive week. Trend and momentum indicators remain comfortably negative, and the market conditions are far from the oversold territory, meaning that there is room for a deeper downside correction in oil prices.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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