NVIDIA (NASDAQ:NVDA) Stock Soars After Better-Than-Expected Q4 Results; Seagen, Pfizer in Deal Talks; U.S. PCE Inflation Data Ahead
Shares of Nvidia (NVDA) have been soaring after the software company posted better-than-expected results in the previous quarter while boosting current quarter guidance, and said chip demand for artificial intelligence (AI) applications such as ChatGPT is surging. On Thursday, NVDA rose 14% as investors reacted to the news that the company is taking advantage of this AI-driven boom in chip demand.
Nvidia (NASDAQ:NVDA) reported better-than-expected fourth-quarter results and guidance, with Wall Street analysts praising the chip maker. The stock of NVIDIA Corp. On Monday, NVDA, +0.92% experienced a 0.92% increase to $235.01, along with an overall bullish trading session for the stock market. The S&P 500 Index SPX, +0.31% rose 0.31% to 3,982.24, and the Dow Jones Industrial Average DJIA, +0.22% climbed 0.22% to 32,889.09. NVIDIA Corp. ended at $235.01, which was $54.45 lower than its 52-week high of $289.46 set on March 29th.
Pfizer (NYSE:PFE) is reportedly in the beginning stages of discussions to purchase the cancer medication producer Seagen (NASDAQ:SGEN). This would be a great help to Pfizer's oncology division. Seagen experienced an increase of over 10
Information released on Friday indicated that the core Personal Consumption Expenditure Price Index (the Federal Reserve's favourite measure of inflation) was up 0.6% month-on-month and 4.7% year-on-year in January, surpassing expectations of 0.4% and 4.3%, respectively. This has raised apprehensions that the Fed may have to maintain higher interest rates for a longer period of time to control inflation. Moreover, United States personal spending revealed the strongest rise in 1-3/4 years, surging +1.8% m/m in January in contrast to forecasts of +1.3% m/m. The University of Michigan's consumer sentiment index reached a 13-month peak of 67.0 in February.
In a few hours, attention will be directed to the U.S. core personal consumption expenditures (PCE) price index, the Federal Reserve's favored measure of inflation.
0. “NVIDIA Corp. stock rises Monday, outperforms market” MarketWatch, 27 Feb. 2023, https://www.marketwatch.com/data-news/nvidia-corp-stock-rises-monday-outperforms-market-c1c950d4-c0ff64d0f3e7
1. “Stock market news today: Stocks rise as Wall Street rebounds from worst week of 2023” Yahoo News, 27 Feb. 2023, https://news.yahoo.com/stock-market-news-live-updates-february-27-2023-130555308.html
2. “S&P 500 climbs as dip buyers pile into growth stocks following recent rout By Investing.com” Investing.com, 27 Feb. 2023, https://www.investing.com/news/stock-market-news/sp-500-climbs-as-dip-buyers-pile-into-growth-stocks-following-recent-rout-3016030
3. “Dow Jones Futures Fall: Nasdaq Rallies On Nvidia, But PCE Inflation Report Looms | Investor's Business Daily” Investor's Business Daily, 24 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-nasdaq-rallies-up-to-resistance-on-nvidia-all-eyes-on-pce-inflation-report/
4. “Stocks Set To Open Higher After Worst Week Of The Year, Retail Earnings In Focus” Barchart, 27 Feb. 2023, https://www.barchart.com/story/news/14581554/stocks-set-to-open-higher-after-worst-week-of-the-year-retail-earnings-in-focus
5. “Futures are Signaling a Weak Open for Wall Street, U.S. PCE Data In Focus” Barchart, 24 Feb. 2023, https://www.barchart.com/story/news/14518036/futures-are-signaling-a-weak-open-for-wall-street-u-s-pce-data-in-focus
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