‘Big Seven’ Rally in Focus as Nvidia Underwhelms: Markets Wrap
- Chipmaker tops estimates, but misses some loftier expectations
- Hedge fund bets on US shares most crowded ever, Goldman says
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Stocks, bonds and the dollar barely budged as the Federal Reserve minutes reiterated the central bank’s cautious approach, with traders focused on Nvidia Corp.’s results after this year’s blockbuster rally in big tech.
In late trading, shares of the world’s most valuable chipmaker whipsawed after its latest forecast failed to meet investors’ sky-high expectations. Revenue in the current period will be about $20 billion. Though that topped the average analyst estimate of $17.9 billion, some projections reached as high as $21 billion. The bar was set high for Nvidia — which has more than tripled this year — leaving little room for error.