News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The retailer has created an event that sees its sales surpass Black Friday and Cyber Monday combined. Get your market update from @PeterHanksFX here:https://t.co/LCyr0z9DHh https://t.co/xDTXRH1TEj
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.44% 🇳🇿NZD: 0.43% 🇪🇺EUR: 0.19% 🇬🇧GBP: 0.11% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CoczW1YszK
  • US API Stock Changes: #Crude -7.199M #Cushing -2.550M #Gasoline +0.959M #Distillate +0.992M #Oil $CL_F
  • Bitcoin breached the key psychological level of $30,000 for the first time since January The Jan 22 swing low of $28,800 came in to help cauterize support. Get your market update from @PeterHanksFX here:https://t.co/zmlplL9ZqD https://t.co/6R5nFtVFYS
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/K9Qw88fR9n
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.01%, while traders in France 40 are at opposite extremes with 68.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HWcth7b6kv
  • WH Press Sec. Psaki: - More work remains on infrastructure after meeting - Today or tomorrow, a White House team will meet with Senators from both parties
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.01% Wall Street: 0.01% Germany 30: -0.11% France 40: -0.19% FTSE 100: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HdfL6Ct6sE
  • McKesson said to explore sale of European, UK businesses -BBG $MCK $EURUSD $GBPUSD
  • EUR/GBP continues to trade towards the bottom of the trading range. Sentiment remains ‘mixed’ after near term decline in long positioning. Get your market updates from @RichardSnowFX here:https://t.co/i7uESnbkBE https://t.co/rdqrIAUnuG
Nvidia Stock Price May Spur Nasdaq After Earnings Beat

Nvidia Stock Price May Spur Nasdaq After Earnings Beat

Peter Hanks, Strategist

Nvidia Earnings Talking Points:

  • Nvidia’s lowered guidance allowed the chipmaker to handily beat earnings
  • Chinese sales were questioned amid the US-China trade war and economic slowdown concerns
  • The Nasdaq may take its cues from Nvidia in Friday’s session as a robust performance from a leading chipmaker and tech stock should generate optimism for the index

See how IG clients are positioned on the Dow, Bitcoin and Dollar with our free IG Client Sentiment Data.

Fourth quarter earnings for chipmaker Nvidia were reported after the close Thursday and a strong performance sent shares 8% higher. Revenue for the quarter was $2.21 billion versus the expected $2.20 billion. Earnings per share were similarly rosy, $0.80 versus $0.78 expected. The strong performance is somewhat discounted given the broader context.

Nvidia Price Chart (NVDA): February 14th (Chart 1)

nvidia stock price after earnings

Source: Marketwatch

On January 28th, Nvidia announced before market open it had lowered guidance for the fourth quarter. Slowing sales in China due to the US-China trade war and economic slowdown concerns were cited as headline reasons for the revision. Nvidia’s share price reacted accordingly, trading roughly $25 lower as the session opened. Thus, Thursday’s earning beat serves to simply recapture some of the lost share price from the earlier guidance change.

Nvidia Price Chart (NVDA): January 28th (Chart 2)

Nvidia on lowered guidance

That said, Nvidia may not be out of the woods yet. Revenue and earnings for the coming quarters have all been revised lower as the company faces a litany of headwinds. Trade wars, slowing global growth, sector cyclicality and the apparent end of the cryptocurrency boom all serve to pressure the chipmaker moving forward and they are reflected in Q1 forecasts. Forecasted revenue read $2.2 billion, notably lower than the $2.41 billion expected by analysts.

Nvidia Earnings and Revenue in Nearby Quarters (Chart 3)

Nvidia revenue and earnings

Source: Bloomberg

As for the immediate impact, the results may serve to buoy the share price and provide a tailwind for the chipmaker sector as well as the broader Nasdaq index in tomorrow’s session. While entirely possible, the earnings report will have to compete with other fundamental themes.

Nasdaq Price Chart: 1-Hour Timeframe (February 2019) (Chart 4)

Nasdaq price chart

At the top of the list, trade wars remain. US and Chinese officials will meet again tomorrow in Beijing as reports emerge that little progress has been made toward meeting the demands of either party. Elsewhere, the government shutdown seems to have been averted as President Trump announced he will sign a funding bill which was subsequently passed by the Senate. This development could also serve to provide optimism in tomorrow’s session.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Will the Stock Market Crash in 2019?

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES