“S&P 500 and Nasdaq Jump on Strong NVIDIA Earnings, Industrial Futures Fall as US Credit Rating Watched for Possible Downgrade”

Investing.com – The S&P 500 and Nasdaq Composite jumped on Thursday, as investors welcomed 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.

The S&P 500 rose 0.6%, and gained 1.5%. The Dow Jones was trading down 106 points, or 0.3%.

Cryptocurrencies appear to be a get-rich-quick opportunity with huge bursts of micro coins entering the market daily.. but most end up falling behind in catching up on the massive upswing.

In a free webinar with the writer specializing in the crypto market, now learn how to look for promising cheap coins and how to differentiate them?

All you have to do is register. Seats are limited: https://shorturl.at/kxANW

What moves the markets?

Nvidia shares rose 25% 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.

Other semiconductor stocks followed Nvidia’s rise, including AMD and Taiwan Semiconductor, which rose about 9% each. While the Philadelphia SE semiconductor index advanced 4.6% to its highest level in more than a year.

On the other hand, Lucid Motors (NASDAQ:) shares fell 0.7% to $7.43.

“Investors are looking for any room for growth and right now that happens to be in semiconductors,” said Sam Stovall, chief investment analyst at CFRA Research in New York.

Wall Street’s major indices have fallen sharply in the past two sessions and could post their worst week in more than two months as investors wait for clarity on whether lawmakers will strike a deal to raise the country’s $31.4 trillion debt ceiling or risk a catastrophic default.

Later in the day, the White House and congressional Republicans will resume negotiations to try to reach an agreement as the June 1 deadline approaches.

US House of Representatives Speaker Kevin McCarthy told Fox News he was not sure whether the two sides would be able to reach an agreement on Thursday.

Reflecting the uncertainty in the market, yields on US Treasury bills due in early June rose above 7%, while two-year yields hit their highest levels since March after ratings agencies Fitch Ratings and DBRS Morningstar put the US on watch for a possible credit downgrade.

Also read:

Also read:

Interest pricing and important data

Expectations of the next meeting of the US Federal Reserve witnessed noticeable changes immediately after the release of US GDP and unemployment data.

However, the change in expectations was also one of the reasons for the statements of members during the past few days, which suggest that the task is not finished yet, and that the Fed still has a lot of work ahead of it in the coming period.

Brokers raised the odds of another quarter-point rate hike by the Fed in June in the wake of the retail sales data and the Fed’s strong rhetoric. Swaps that indicate the dates of the Fed’s meetings have been repriced to levels that indicate odds of the US central bank raising its policy range to 5.25%-5.50% by the July meeting, according to Bloomberg data.

The quarterly data was issued, and it recorded a growth of 1.3%, while it was expected to record a growth of 1.1%, and it recorded a previous reading of a growth of 2.6%.

As for it, it recorded an increase of 4.2%, while it recorded 3.9% in the previous reading, while expectations were for a rise of 4%.

It recorded 229,000 applications, less than the forecast of experts, who expected 250,000. The previous reading was revised to record 225 thousand.

Thus, it rose in 4 weeks to 231.75 thousand, and the reading of the week before last was revised to 231.75 thousand.

markets now

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 0.3%, at 104,092 points.

It fell by 2% to $76.75 a barrel.

Texas crude lost nearly 2.3% to $72.6 a barrel.