Stock futures rose Thursday, as investors looked to recover from declines seen in the previous session. Wall Street also appeared to shake off a post-earnings decline in Nvidia. Dow Jones Industrial Average futures were up 247 points, or 0.6%. S&P 500 and Nasdaq-100 futures each climbed 0.3%. Nvidia shares were down 4% after posting its latest earnings Wednesday afternoon. In its fiscal second quarter, the AI chipmaker exceeded expectations on the top and bottom lines, and issued a rosy current-quarter sales outlook.“Death, taxes, and NVDA beats on earnings are three things you can bank on. Here’s the issue, the size of the beat this time was much smaller than we’ve been seeing. Even future guidance was raised, but again not by the tune from previous quarters,” wrote Ryan Detrick, chief market strategist at Carson Group. “This is a great company that is still growing revenue at 122%, but it appears the bar was just set a tad too high this earnings season,” Detrick added. That decline was offset by a pop in Salesforce. Shares traded 5% higher after the business software giant beat fiscal second-quarter estimates and raised its full-year profit outlook. Wall Street is coming off a losing session after a slump in Nvidia shares ahead of the company’s earnings results weighed on the major averages. The tech-heavy Nasdaq Composite dropped 1.12%, while the S&P 500 fell 0.6%. The 30-stock Dow slid about 159 points, or 0.39%. Those moves highlight the growing significance of Nvidia to the broader market. The semiconductor company, which passed the $3 trillion market cap this year to briefly become the world’s most valuable public company, now accounts for roughly 7% of the S&P 500. The U.S. 10-year Treasury fell slightly on Thursday as investors looked ahead to a key inflation report due on Friday. The yield on the 10-year Treasury traded more than 1 basis point lower at 3.827%, while the yield on the 2-year Treasury also fell 1 basis point to 3.857%. Asia-Pacific markets mostly fell on Thursday, with tech stocks dragging South Korean and Taiwanese indexes after chipmaker Nvidia reported its second-quarter results. South Korean chip heavyweight SK Hynix plunged 5.35%, while Samsung Electronics fell more than 3%, dragging the Kospi down 1.02%, leading losses in Asia and closing at 2,662.28. The small-cap Kosdaq was down 0.85% at 756.04, its seventh straight day of losses. The Taiwan Weighted Index lost 0.75% to 22,201.85. Taiwan Semiconductor Manufacturing Company shares shed 2.18%, while Hon Hai Precision Industry — known internationally as Foxconn — dropped 2.4%. Japan’s Nikkei 225 fell marginally to end at 38,362.53 while the broad based Topix managed to eke out a 0.03% gain to 2,693.02, after spending most of the day in negative territory. Australia’s S&P/ASX 200 was down 0.33, closing at 8,045.1. Hong Kong’s Hang Seng index reversed losses to gain 0.47% as of its final hour, while mainland China’s CSI 300 lost 0.27%, extending its losing streak to four days and hitting its lowest level in almost seven months. Oil prices steadied on Thursday, after two sessions of losses, as supply concerns over Libya returned to focus, while a smaller-than-expected draw in U.S. crude inventories sapped demand expectations. Brent crude futures slipped 7 cents, or 0.09%, to $78.58 a barrel by 0812 GMT, while U.S. West Texas Intermediate crude futures edged 1 cent lower, or 0.01%, at $74.51. Both contracts lost more than 1% on Wednesday, after data showed U.S. crude inventories dropped 846,000 barrels to 425.2 million last week, missing analyst expectations in a Reuters poll for a draw of 2.3 million. Gold prices rose on Thursday on expectations that the Federal Reserve might begin interest rate cuts next month, and underpinned by ongoing tensions in the Middle East, while a slew of U.S. economic data remained on investors’ radar. Spot gold added 0.6% to $2,516.63 per ounce, not too far from a record high of $2,531.60 hit on Aug. 20. U.S. gold futures rose 0.5% to $2,550.00.
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