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US stock futures climbed higher on Thursday as an upbeat earnings report from Nvidia fueled bullish sentiment. Nasdaq 100 and S&P 500 futures jumped 0.9% and 0.5%, respectively, while Dow futures were flat. In extended trading, Nvidia gained about 7% after the tech giant posted better-than-expected earnings and revenue for the second quarter and forecasted sales to jump 170% in the current quarter on the back of strong demand for artificial intelligence chips. In regular trading on Wednesday, the Dow rose 0.54%, the S&P 500 gained 1.1% and the Nasdaq Composite advanced 1.59%. Ten out of the 11 S&P sectors finished higher, led to the upside by technology and communication services, while the energy sector was the sole decliner. Those moves came as weak PMI data in the US and Europe bolstered bets that major central banks would halt their interest rate hikes to avert a recession. Investors now look ahead to the Jackson Hole meeting for further rates guidance.
Summary for 24.08.2023
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