A screen tracks Nvidia as a trader works on the floor at the New York Stock Exchange on Oct. 23, 2023.
Brendan McDermid | Reuters
Stock futures are higher Wednesday night as investors parsed the latest earnings reports from Nvidia and other well-known technology companies.
Dow Jones Industrial Average futures climbed 242 points, or 0.5%. S&P 500 futures advanced 0.6%, while Nasdaq 100 futures jumped 1.07%.
In Asia, Japan’s Nikkei 225 added 0.49% while the Topix rose 0.15%. The Kospi rose 2.48%, and the small-cap Kosdaq gained 1.06%. Australia’s benchmark S&P/ASX 200 was marginally lower.
Nvidia shares added more than 4% after it beat analyst expectations and forecast strong revenue growth ahead. The chipmaker’s fiscal second-quarter revenue more than doubled and surpassed forecasts by its largest amount in two years.
Nvidia stands to break its recent pattern of seeing stock declines despite posting stronger-than-anticipated reports. Still, shares of Nvidia dropped more than 1% in Wednesday’s session as investors awaited the release, marking the megacap technology stock’s eighth down day of the last nine.
“For us, as long term-investors, the stock is too cheap to ignore,” said Jamie Meyers, senior securities analyst at Laffer Tengler Investments. “All that needs to happen is for the multiple to roll forward, and the stock should do well over time.”
Salesforce rallied 13% after revenue came in ahead of Wall Street’s forecast for the second quarter. Okta soared more than 20% after surpassing analyst expectations and reporting booming demand due to agentic AI.
The three major indexes finished Wednesday’s session little changed. In addition to the raft of earnings, traders are readying for the start of the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, kicking off Thursday.
Investors will also monitor Best Buy earnings due before the bell Thursday, followed by reports expected from Workday, Affirm and Gap after the market closes.
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