U.S. stock futures surged overnight, driven by unexpectedly strong earnings from Nvidia and a positive outlook for the artificial intelligence sector [[1]]. The chipmaker’s report, released after Wednesday’s market close, not only exceeded analyst expectations but also alleviated some concerns about a potential AI bubble, leading to a pre-market jump in Nvidia shares [[3]]. Investors are now awaiting the September U.S. non-farm payroll report, scheduled for release today, as a further gauge of economic health [[2]].
November 20, 2024 – U.S. stock futures rose sharply Wednesday, buoyed by a strong earnings report from Nvidia that reignited investor confidence in technology stocks and the broader market.
As of 6:19 p.m. Thai time, Dow Jones Futures were up 260 points, or 0.56%, to 46,468. S&P 500 Futures and Nasdaq Futures gained 1.09% and 1.41%, respectively.
Nvidia shares jumped nearly 5% in pre-market trading after the company reported third-quarter earnings that exceeded analyst expectations. The results underscore the continued strength of demand for the company’s products, particularly in the artificial intelligence sector.
The chipmaker also issued a robust sales forecast for the fourth quarter, exceeding market estimates. Nvidia CEO Jensen Huang stated that demand for the company’s current-generation Blackwell chips is “significantly higher than expected,” and dismissed concerns about a potential bubble in the AI business.
The positive outlook from Nvidia is expected to bolster investor sentiment toward AI stocks, which have recently come under pressure amid worries about inflated valuations, increasing debt, and the potential for chip obsolescence.
Investors are also closely watching for the release of the U.S. non-farm payroll report for September, scheduled for today. Analysts predict a gain of 53,000 jobs in September, following an increase of 22,000 in August. The unemployment rate is expected to remain steady at 4.3%.
By Kongkiat Korveerkitti
