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Semiconductor stocks help lift US and Asian shares ahead of Nvidia results
Deutsche Bank said Nvidia earnings have been a major macro catalyst in recent years, but that positive surprises have not produced the same immediate gains as in 2023-24.
Deutsche Bank flagged Nvidia earnings as a key macro catalyst, but noted that the impact of positive surprises has faded versus earlier periods as the stock has often slipped the next day after prior results.
Ahead of the latest Nvidia report, a rebound in Nvidia and semiconductors helped lift the S&P 500 and Nasdaq, while European equities were mostly firmer, according to FXStreet.
In Asia, markets were broadly higher supported by lower oil prices and bond yields, with the KOSPI leading gains. FXStreet also reported that Australia’s benchmark was an exception after inflation came in above expectations, while the Philly Semiconductor Index had been down sharply from its June peak but remained up year to date.
FXStreet added that US equity futures were little changed after the prior session advance, with tech stocks rising across the region in anticipation of Nvidia’s results, and the Philly Semiconductor index showing more volatility over the summer.
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