Trending
The S&P 500 and Nasdaq Composite indices snapped a three-week losing streak as investors shook off rate hike fears. In the last five trading sessions, the S&P 500 gained 0.6%, while the Nasdaq Composite index was up 0.94%.
On Friday, Federal Reserve Chair Jerome Powell emphasized the importance of remaining vigilant against persistent inflation and hinted at potential future rate hikes.
Recognizing the progress achieved so far, Powell stated the Fed intends to be cautious moving forward. However, he expressed concerns about current inflation rates exceeding the comfortable benchmark set by policymakers. Powell emphasized the Fed's adaptability for further policy actions but didn't signal any immediate easing.
“Inflation has receded from its peak, which is a positive sign, yet it's still higher than desired,” Powell commented during his keynote at the Kansas City Fed’s annual Jackson Hole event in Wyoming. “If necessary, we're poised to adjust rates further, aiming for a more restrictive policy stance until inflation is consistently heading towards our target.”
Powell’s speech mirrored his previous year's address at the same event, where he pointed out potential challenges as the Fed aims to achieve its 2% inflation target.
The markets also surged higher after semiconductor leader Nvidia reported stellar results in the quarter ended in July.
Nvidia crushed Wall Street estimates in Q2
Nvidia (NASDAQ: NVDA) continues to benefit from the AI boom. It increased sales by 100% to $13.5 billion in fiscal Q2 of 2024 (ended in July) while adjusted earnings surged over 400% to $2.70 per share, easily crushing Wall Street estimates.
The semiconductor giant expects revenue to grow by 177% to $16 billion in Q3. It’s evident that the company’s graphics processing units or GPUs are critical for the AI players.
Shares of Nvidia are up 8.6% in pre-market trading, and the stock is up 250% year-to-date
The semiconductor giant expects revenue to grow by 177% to $16 billion in Q3. It’s evident that the company’s graphics processing units or GPUs are critical for the AI players.
Shares of Nvidia are up 8.6% in pre-market trading, and the stock is up 250% year-to-date
The semiconductor giant expects revenue to grow by 177% to $16 billion in Q3. It’s evident that the company’s graphics processing units or GPUs are critical for the AI players.
Shares of Nvidia are up 8.6% in pre-market trading, and the stock is up 250% year-to-date