“Futures on S&P 500 and Nasdaq 100 Jump as NVIDIA Reports Strong Earnings, Fitch Ratings Puts US Credit Rating on Watch”

Investing.com – Futures on the S&P 500 and Nasdaq 100 jumped on Thursday, as investors cheered the latest quarterly results from NVIDIA (NASDAQ:) .

Meanwhile, industrial index futures fell after Fitch Ratings on Wednesday put the US credit rating on watch for a possible downgrade, raising the stakes as negotiations to raise the US debt ceiling approach a critical moment.

S&P 500 futures were up 0.6%, while index futures were up 1.9%. Dow futures fell 85 points, or 0.3%.

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What moves the markets?

NVIDIA shares rose 27% in pre-market trading after the chipmaker reported strong earnings in the first quarter of fiscal 2024, Wednesday, with stronger-than-expected expectations sending shares up 26% after Wednesday’s close.

Earnings per share were $1.09, compared to an expected 92 cents, while revenues were $7.19 billion, compared to expectations of $6.52 billion.

Nvidia said it expects sales of about $11 billion, plus or minus 2%, in the current quarter, more than 50% higher than Wall Street’s estimate of $7.15 billion.

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Other semiconductor stocks rose in the wake of Nvidia’s rally, including AMD and Taiwan Semiconductor, which gained 6.4% and 9.7%, respectively. The VanEck Semiconductor ETF (SMH) rose 6.2%.

Fitch has put the US credit rating on watch for a potential downgrade, raising the stakes as negotiations to raise the US debt ceiling approach a critical moment.

Fitch put the country’s AAA rating on negative watch, in preparation for a possible downgrade if lawmakers fail to increase the amount the Treasury can borrow before it runs out of money.

In 2011, during protracted debt ceiling negotiations, Standard & Poor’s downgraded the US credit rating, but Fitch did not.

Debt limit negotiations continued to weigh on leading indicators. Later, House Speaker Kevin McCarthy indicated that negotiations were making progress.

In terms of corporate earnings, retailers Best Buy, Dollar Tree and Ralph Lauren will report Thursday before opening.

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It decreased by 0.95%, and is now recording $1,946.

While it decreased by 0.6% at 1945 dollars an ounce.

It rose by 0.4%, at 104,192 points.

It fell by 1.6% to $77 a barrel.

Texas crude lost nearly 1.8% to $73 a barrel.