S&P 500 Closes Above 5,900, Nvidia Earnings Beat Expectations

Stock markets started reversing higher this week after last week’s retreat, with S&P 500 closing above $5,900 points again, as risk sentiment turned positive late in the day, while Nvidia earnings posted some decent Q3 profit results.

Yesterday we decided to open a buy S&P 500 signal, as the price action was showing buying momentum, but, we will have to wait until next week probably, for the bullish trend to resume properly and reach our take profit target here. However, the price action late in the US session looked promising for tomorrow, after the bullish reversal.

S&P 500 Chart H4 – The Lows Keep Getting Higher

The Dow Jones Industrial Average turned positive by the end of the US trading session, driven by late buying activity. The S&P 500, after dipping below the 5,900 mark during the session, managed to close flat with no net change. Meanwhile, the NASDAQ, though still finishing in negative territory, recovered significantly from its intraday lows. After being down as much as 260 points at its worst, the index ended the day with a modest decline of just 28 points.

US Stock Indices – Closing Levels

• Dow Jones: Up by 139.53 points (+0.32%) to 43,408.47.
• S&P 500: Increased by 0.23 points (0.0%) to 5,917.22.
• NASDAQ: Declined by 21.32 points (-0.11%) to 18,966.14.

NVIDIA Q3 2024 Earnings Results

• Adjusted EPS: $0.81 (vs. $0.75 expected).
• Revenue: $35.08 billion (vs. $33.12 billion expected).
• Adjusted Gross Margin: 75% (matched expectations).
• Adjusted Operating Expenses: $3.05 billion (vs. $2.99 billion expected).
• Adjusted Operating Income: $23.28 billion (vs. $21.9 billion expected).
• Data Center Revenue: $30.8 billion (vs. $29 billion expected).

Q4 2024 Guidance (NVIDIA)

• Revenue: $37.5 billion (vs. $37 billion expected).
• Adjusted Gross Margin: 73–74% (vs. 73.5% expected).

Gold is up $18 or 0.60% around $2,650, while crude oil has also reversed lower, falling below $69, after failing to achieve $70 due to an increase in EIA inventory. The day ended with weaker closings for the main European indices as well. Both the Italian FTSE MIB and the German DAX have lost four straight days.

European Stock Markets Performance

• Major indices closed lower, with Germany and Italy experiencing a four-day losing streak:
  • German DAX: -0.31%.
  • France’s CAC: -0.43%.
  • UK’s FTSE 100: -0.17%.
  • Spain’s Ibex: Unchanged.
  • Italy’s FTSE MIB: -0.29%.

European Benchmark 10-Year Yields

• Germany: 2.345%, unchanged.
• France: 3.097%, +1.1 bps.
• UK: 4.473%, +2.6 bps.
• Spain: 3.055%, +0.3 bps.
• Italy: 3.575%, +2.2 bps.

S&P 500 Live Chart