Nvidia, Nvidia, Nvidia—the numbers looked good. Revenue was $35bn, up 6%, with 3Q adjusted EPS at 81 cents, beating estimates of 74 cents. Yet, the stock has fallen. It appears the fourth-quarter guidance was in line with the third quarter, which disappointed investors. Similarly, despite the Blackwell chip—a major technological leap for AI development—being in "full production mode," shares dropped 2% after hours as revenue forecasts failed to meet expectations.
In the Asian session, copper gained for a fifth consecutive day amid signs that China’s economy may be stabilizing. Copper had plunged earlier this month following Donald Trump’s U.S. election victory but is now recovering as Chinese demand picks up, supported by a wave of monetary stimulus.
Bitcoin hit a fresh record of $97,000 for the first time, with reports suggesting Trump’s team is discussing the creation of a new White House post dedicated to cryptocurrency policy.
The main speech of note came from Federal Reserve Bank of Boston President Susan Collins, who stated that more interest rate cuts are needed but emphasized a cautious approach to avoid moving too quickly or too slowly.
Market Update:
- The yield on 10-year Treasuries was little changed at 4.40%.
- Ether rose 1.3% to $3,121.61, following Bitcoin's lead.
- West Texas Intermediate crude rose 0.4% to $69 a barrel.
- Spot gold rose 0.4% to $2,660.33 an ounce.
- Cable opens at 1.2640, and EUR/USD at 1.0535.
Data Watch:
Today’s agenda includes Eurozone consumer confidence, U.S. existing home sales, initial jobless claims, and the Philadelphia Fed factory index.
