In the last minutes of trade, the S&P 500 flipped to positive territory. The index may trade back at the key 5,000 again. While markets fixate on Nvidia’s (NVDA) incredibly strong revenue triple Y/Y in the quarter, look at the broader market.
In the chip sector, AMD will rise from Nvidia’s strength. Intel (INTC) might rebound for the same reasons. In addition, INC stock, which lost 13.5% YTD, will benefit after it announced a partnership with Microsoft (MSFT) on Wednesday. Microsoft CEO Satya Nadella said that the firm will use Intel to manufacture a chip design based on its 18A process. Intel’s CEO now won $15 billion in lifetime deals for Intel, up from $10 billion only a few months ago. The foundry should grow as customer demand for AI chips increases.
Among the S&P 500, Garmin (GRMN), which gained 8.82% to a 52-week high, gets little attention. It posted revenue of $1.48 billion, or up by 13% Y/Y. Wells Fargo (WFC), Proctor & Gamble (PG), and Abbot Laboratories (ABT) are among the stocks at fresh 52-week highs.
In the Far East, value hunters are buying Chinese stocks. China’s central bank cut loan rates by 25 bps. This will boost its property funding. Expect China Large-Cap ETF (FXI), EV maker Nio, Baidu (BIDU), and Alibaba (BABA) to trade at high volumes today.
