Nvidia Corp. (NASDAQ:NVDA) delivered another blockbuster quarter and raised its outlook, but even that wasn't enough to lift Wall Street on Thursday. Major indexes gave back substantial morning gains and flipped to the red by midday in New York, as a broader risk-off mood tightened its grip on the market.
The world's largest company posted $57 billion in quarterly revenue, topping the $54.8 billion consensus, while earnings of $1.30 per share beat expectations of $1.25.
Nvidia shares initially jumped 5% both after hours Wednesday and at Thursday's open — but the rally reversed quickly. By midday the stock was trading around $183.50, down 1.8% from Wednesday's close.
The Nasdaq 100 tumbled 1.2% to 24,350 points, while the S&P 500 edged 0.7% down to 6,600.
A hotter-than-expected U.S. jobs report likely cooled any early enthusiasm for a tech rebound, as traders now think a December rate cut is less likely to occur.
Non-farm payrolls rose by 119,000 in September, more than double the 50,000 economists had forecast, further trimming hopes for a rate cut next month. Markets now assign a 64% probability that the Fed holds rates steady in December, according to CME FedWatch.
Walmart Inc. (NYSE:WMT) was the standout of the session within the S&P 500, surging 6% after beating earnings expectations and raising guidance, helping lift the Consumer Staples sector to the top of the leaderboard.
Other notable earnings movers included Palo Alto Networks Inc. (NASDAQ:PANW) and Jacobs Solutions Inc. (NYSE:J) down 6.4% and 9.6%, respectively.
Tech lagged again. Chipmaker stocks — tracked by the iShares Semiconductor ETF (NASDAQ:SOXX) — dropped another 2%, deepening their month-to-date slide to 12%.
Bearish sentiment also intensified in crypto markets:
- Bitcoin (CRYPTO: BTC) down over 5% to $86,800, extending its drop from last month's record highs to over 30%.
- Ethereum (CRYPTO: ETH) tumbled 7%
- Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) sunk by 5.8% and 6.4% respectively.
Thursday’s Performance In Major US Indices, ETFs
| Index | Price | % |
|---|---|---|
| Dow Jones | 45,907.21 | -0.5% |
| Russell 2000 | 2,335.04 | -0.5% |
| S&P 500 | 6,596.19 | -0.7% |
| Nasdaq 100 | 24,353.71 | -1.2% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.6% to $605.08.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.3% lower to $459.90.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 1.1% to $593.20.
- The iShares Russell 2000 ETF (NYSE:IWM) dropped 0.4% to $232.38.
- The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, up 0.6%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 1.4%.
Russell 1000’s Top 5 Gainers On Thursday
| Stock Name | % Change |
|---|---|
| Exact Sciences Corp. (NASDAQ:EXAS) | +17.34% |
| Walmart Inc. | +5.69% |
| Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) | +5.43% |
| Solventum Corp. (NYSE:SOLV) | +4.65% |
| Axalta Coating Systems Ltd. (NYSE:AXTA) | +4.05% |
Russell 1000’s Top 5 Laggards On Thursday
| Stock Name | % Change |
|---|---|
| Bath & Body Works Inc. (NYSE:BBWI) | -25.12% |
| SanDisk Corp. (NASDAQ:SNDK) | -14.93% |
| Jacobs Solutions Inc. (NYSE:J) | -8.93% |
| Micron Technology Inc. (NASDAQ:MU) | -8.37% |
| Robinhood Markets Inc. (NASDAQ:HOOD) | -7.89% |
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