Closing Bell Movers: Nvidia up 5% after strong Q3 results, guidance

In the opening hour of the evening session, U.S. equity futures are notably higher as investors seemingly exhale a collective sigh of relief after Nvidia – the last of the Mag 7 to report results – exceeded expectations on both Q3 earnings and Q4 guidance.   The company is patching the air pocket in sentiment with indication that demand remains strong as AI chips are selling out, data center revenue growth is intact at sizable 66% y/y.  CFO Colette Kress is also responding to the question regarding depreciation of GPU, which has been at the center of valuation concerns in the AI space, noting that the A100’s shipped 6 years ago – the timeline previously assumed in valuation that was in question as being too long for the chips’ use-value – are still at full utilization today.

December S&P 500 contract is up 1.1%, Nasdaq 100 is up 1.6%, while Dow Industrials is up 0.4%.  Risk-on flows are likewise observed in Commodities, with WTI Crude Oil up 0.5% above $59.50.  In metals, Gold is rising above $4,100 while Silver is above $51.50 per ounce.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• PACS Group (PACS) up 43.5%
• Cerence (CRNC) up 30.1%
• Oddity Tech (ODD) up 23.1%
• Kulicke and Soffa Industries (KLIC) up 14.5%
• Nvidia (NVDA) up 4.9%; Semconductors, hyperscalers, AI names up in sympathy: Broadcom (AVGO ) up 2.4%, AMD (AMD) up 3.9%, Intel (INTC) up 1.6%, Microchip (MCHP) up 1.4%, Applied Materials (AMAT) up 1.9%, Amazon.com (AMZN) up 1.7%, Meta Platforms (META) up 1.4%, Alphabet (GOOGL) up 2.0%, Microsoft (MSFT) up 1.0%, Oracle (ORCL) up 3.1%, Palantir (PLTR) up 3.7%, CoreWeave (CRWV) up 7.1%
• Universal Technical Institute (UTI) up 1.4%

DOWN AFTER EARNINGS –

• BrightView Holdings (BV) down 8.0%
• Palo Alto Networks (PANW) down 4.5%
• Jack in the Box (JACK) down 1.6%
• Hillenbrand (HI) down 1.4%