UK markets closed
  • NIKKEI 225

    -1,285.34 (-3.28%)

    -306.08 (-1.77%)

    +0.57 (+0.73%)

    -54.40 (-2.25%)
  • DOW

    +81.20 (+0.20%)
  • Bitcoin GBP

    -842.57 (-1.64%)
  • CMC Crypto 200

    -27.14 (-2.03%)
  • NASDAQ Composite

    -160.69 (-0.93%)
  • UK FTSE All Share

    +13.04 (+0.29%)

LIVE: Nvidia earnings-induced market-wide bounce starts to fade as US stocks fall

A look at how the major markets are performing on Thursday

ftse TAIPEI, TAIWAN - 2023/06/01: Jensen Huang, President of NVIDIA at supermicro keynote presentation during the COMPUTEX 2023. The COMPUTEX 2023 runs from 30 May to 02 June 2023 and gathers over 1,000 exhibitors from 26 different countries with 3000 booths to display their latest products and to sign orders with foreign buyers. (Photo by Walid Berrazeg/SOPA Images/LightRocket via Getty Images)
Jensen Huang, president of Nvidia. The chip firm beat already high expectations with revenue of $13.51bn. The FTSE was up on Thursday. Photo: Walid Berrazeg/SOPA/LightRocket via Getty (SOPA Images via Getty Images)

European markets were mixed on Thursday as the shine came off key earnings from tech darling Nvidia (NVDA).

The FTSE 100 (^FTSE) was still up 0.2% by the close, while Germany's DAX (^GDAXI) fell 0.6% and the CAC in Paris (^FCHI) was down 0.4%.

In the US, the S&P 500 (^GSPC) was down 0.5%, the Dow (^DJI) fell 0.3% and the Nasdaq (^IXIC) dropped 1%.

Read more: Trending tickers: Nvidia | JD Sports | AMC | Hays

Chip firm Nvidia's earnings provided the cushion earlier as it beat already high expectations with revenue of $13.51bn (£10.64bn), a 101% jump from last year.

Adjusted earnings came in at $2.70 per share, up 429% from last year. Analysts had expected revenue to come in at $11.04bn with earnings per share totalled $2.07, according to data from Bloomberg.

Nvidia has benefitted from the boost in AI interest across the board, as companies push for more advanced tech to streamline their services.


"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA, in a statement. Stock opened 5.2% higher on Thursday, settling to trade around 1.4% higher by late-morning in the US.

The "sugar rush has ended somewhat," said Michael Hewson, chief market analyst at CMC Markets. "The gains that we have seen have been cautious with investors fully aware that on a seasonal basis August data can be unreliable, and that the data weakness we saw yesterday could be somewhat of a one-off."

Read more: Cost of living: Ofcom asked to investigate Virgin Media price hikes

Elsewhere the pound was down 0.6% against the dollar (GBPUSD=X) dipping below the $1.27 mark it has been flirting with all week. It also fell 0.3% against the euro (GBPEUR=X).

"There was some very soft data from the euro area yesterday that pushed down yields and saw traders pare bets for the European Central Bank (ECB) to raise rates next month," said Neil Wilson, chief market analyst at Finalto.

"We may well have seen the ECB do its last hike and it will be cutting perhaps sooner than expected. This will have implications for the Fed as it tries to hold the line against inflation."

Stay with us for live updates throughout the day.

Watch: Tech shares race ahead as Nvidia delights with AI-driven doubling of revenue

Download the Yahoo Finance app, available for Apple and Android.