Asian stocks fluctuate as Nvidia earnings awaited: Markets wrap
tech giants dragged down Wall Street, as focus shifted from the Federal Reserve’s policy outlook to Nvidia Corp.’s earnings later this week.
Japanese and South Korean stocks turned slightly higher after earlier losses, with mild gains in Australia. Hong Kong futures pointed to a weak opening, while contracts for US peers were steady after some of the world’s largest tech names pushed US stocks lower.
A gauge of the “Magnificent Seven” megacaps slid 1.2% on Monday. While more than half of the shares in the S&P 500 gained, the US equity benchmark edged lower — a consequence of weakness in the tech giants that dominate it.
Treasury 10-year yields rose two basis points to 3.82% on Monday, while the dollar strengthened as markets monitored the extent to which the Fed likely to cut interest rates next month.
Expectations heading into Nvidia’s earnings on Wednesday are high, with analysts anticipating another strong consensus beat that could prompt the chipmaker to raise its profit guidance. The results may provide further clarity on artificial intelligence demand, with Nvidia being the direct beneficiary of the intense spending by companies building out AI infrastructure.
“Move over Powell — it’s Jensen Huang’s turn to move markets,” said Anthony Saglimbene at Ameriprise, referring to Nvidia’s chief. “In our view, Nvidia’s earnings report this week may actually have more impact on the overall market than Powell’s Jackson Hole speech last week.”
Chinese consumers returned to the spotlight after PDD Holdings Inc.’s
