NVDA Stock Price: Nvidia soars into the weekend as NASDAQ rallies to close the week

NASDAQ:NVDA gained 4.08% during Friday’s trading session.
NVIDIA investors are optimistic ahead of its earnings call.
China approves AMD’s acquisition of Xilinx but is opposed to NVIDIA’s Arm deal.

Stocks Reporter FXStreet

NASDAQ:NVDA investors are hoping that the stock has snapped out of its recent funk with a strong showing to close the week. On Friday, shares of NVIDIA gained 4.08% and closed the trading session at $228.40. Shares of the semiconductor giant are still down 24% so far this year, as the tech sell-off has hit the stock particularly hard. On Friday, investors finally received some relief as all three major indices closed higher, led by the tech-heavy NASDAQ which rebounded by 3.13%. The Dow Jones gained 564 basis points and the S&P 500 added 2.43% as the markets were lifted by a strong quarter from Apple (NASDAQ:AAPL), which is a major component of all three indices.

Stay up to speed with hot stocks' news!

Ahead of NVIDIA’s earnings call on February 16th, investors are using recent results from its rivals as a barometer. Intel (NASDAQ:INTC) beat on earnings and revenue although the stock has suffered from weaker guidance for this quarter. Seagate (NASDAQ:STX) and Western Digital (NASDAQ:WDC) also reported strong earnings, although Western Digital echoed Intel’s potential woes in the quarters ahead. NVIDIA shareholders will certainly be interested in what CEO Jensen Huang forecasts for the rest of 2022.

NVIDIA stock forecast

The Chinese Government has come out in support of NVIDIA rival AMD (NASDAQ:AMD) and its acquisition of Xilinx. It is interesting to note that China was one of the major opponents to NVIDIA’s recent proposed takeover of Arm Ltd., a deal that seems like it has collapsed. AMD has already received approval from the US, the UK, and Europe, something that NVIDIA also didn’t receive for its acquisition attempt.

Like this article? Help us with some feedback by answering this survey:

Author

Stocks Reporter

FXStreet

GBP/USD advaces beyond 1.3450 after BoE decision, US Q2 GDP

GBP/USD gains positive momentum on Thursday, surpassing 1.3450 and trading at fresh multi-week highs. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helped the pair advance, while renewed US Dollar weakness across the FX board pushed the pair further up ahead of the monthly close.

EUR/USD confortable around 1.1530, highest in six weeks

The EUR/USD pair trades around 1.1530 in the American session on Thursday, reaching fresh six-week highs. The US Dollar is in sell-off mode, with multiple factors weighing on the American currency. Not only did the Federal Reserve vote divided to keep rates on hold on Wednesday, creating doubts about a September hike, but US Q2 GDP missed expectations. A suspected JPY intervention adds pressure on the Greenback.

Gold recovers the $4,100 level as US Dollar weakens further

Gold trades just above $4,100 amid a US Dollar sell-off. The Greenback enjoyed some near-term demand following Wednesday's post-FOMC downfall, but was unable to retain its gains. The preliminary estimate of the US Q2 GDP showed the economy grew at an annual rate of 1.5%, missing the market's expectations of 2.1%.

Ripple Price Forecast: XRP builds recovery momentum as whales increase exposure

Ripple (XRP) rises toward the pivotal $1.10 resistance on Thursday, marking three consecutive days of gains. This neutral-to-slightly bullish outlook follows the Federal Reserve (Fed) decision to leave interest rates unchanged in the 3.50%-3.75% range.

The FOMC: Rates left on hold; dollar falls as Warsh fails to vote for hike

The Fed kept interest rates on hold today, defying a 30% chance in the Fed Funds Futures market that rates would rise. The Committee voted 9-3 to keep rates on hold, with governors Kashkari, Hammack and Logan all voting to hike rates due to concerns about inflation. The immediate market reaction has been a sharp drop in the USD on a broad basis.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.