Ahead of the most anticipated earnings report in the history of the stock market, NVIDIA Corp (NASDAQ: NVDA), the S&P 500 index futures had its best day since late June. At the time of this update being written, investors got it right.
Along with a monster Q2 beat on the top and bottom lines and improving margins, the company sharply raised guidance and announced a $25B share buyback program. The report has lifted the issue over $500 and has nudged the index several handles above the top of Wednesday’s range.
In addition, it has instigated strength in other mega cap technology issues, AI related or not.
For now, the closing print, which was higher by 41.50 handles at 4440.75 may not even be revisited in Thursday’s session. Of course, comments during the company’s Q&A session and the fickle finger of Wall Street may change things in the after hours/premarket session. However, control of the market from the bears to the bulls is alive and well.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) was the biggest winner of the top components ahead of its Q2 report. For the session, the issue advanced by $14.48 or 3.2% at the closing price of $471.16.
That was over two percent better than the cash index’s advance of 1.10%.
In contrast, Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components of the index. Investors choose to exit the issue following its completed spin off of Kenvue Inc. (NYSE: KVUE). The issue was lower for the fourth day in a row after declining $1.49 or 0.9% at the closing price of $164.53. Its four-day swoon has knocked off $9.48 or 5.4%.
