Yahoo Finance 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
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%.
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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."
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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
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