Nvidia Stock Ends 5% Lower Despite Upbeat Earnings
The Nvidia stock price plunged more than 5% to a weekly low in the US, dragging down the broader markets despite positive earnings released yesterday. NVDA fell 5.4% to its lowest level in regular trading, currently down $6.60 at $119, as the market continues to process the impact of yesterday’s earnings release.
Initially, US stocks opened lower, but there was a brief surge in buying after the market opened, but the trend quickly turned negative, accelerating towards the end of the session and pushing the stock below the $120 mark. Although the final movements may seem modest, it was a hectic day in North American financial markets. Nvidia’s pre-market action was bleak following its earnings announcement, but the market eventually rebounded, opening slightly higher. This was followed by strong buying momentum that ultimately fizzled out, as heavy selling in the afternoon led to a slight decline in the Nasdaq.
Nvidia Chart Daily – The 50 SMA Is Broken
Dell announced its earnings after the market closed, exceeding expectations on both the top and bottom lines. The company reported earnings per share (EPS) of $1.89, beating the expected $1.71, and revenues of $25.03 billion, surpassing the anticipated $24.14 billion.
Dell shares, which closed at $110.74, are now trading higher by $7.10, or 6.41%, reaching $117.85. During the session, the stock fluctuated, reaching an intraday high of $114.44 and a low of $108.10. At its session lows, Dell’s price tested the crucial 200-day moving average at $108.02, which attracted buyers and led to a closing price of $110.74.
Nvidia Live Chart
[[NVDA-graph]]
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