{"id":6245,"date":"2024-02-22T22:44:44","date_gmt":"2024-02-22T22:44:44","guid":{"rendered":"https:\/\/economicherald.net\/?p=6245"},"modified":"2024-02-22T22:44:44","modified_gmt":"2024-02-22T22:44:44","slug":"market-highlights-wall-street-goes-nuts-over-nvidias-results-and-5-asx-small-caps-to-watch-today","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6245","title":{"rendered":"Market Highlights: Wall Street goes nuts over Nvidia\u2019s results; and 5 ASX small caps to watch today"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><a href=\"https:\/\/www.amscot.com.au\/\"><\/a><\/p>\n<p>\u00a0<\/p>\n<p><strong>Wall Street surges much higher after Nvidia\u2019s results<\/strong><br \/>\n<strong>Nvidia surges 15pc after recording impressive revenue<\/strong><br \/>\n<strong>But is the stock just a flash in the pan?<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The ASX is poised to open higher on Friday after a <strong>Nvidia-inspired rally on Wall Street<\/strong>. At 8am AEDT, the ASX 200 index futures contract was pointing up by +0.4%.<\/p>\n<p>Overnight, the S&amp;P 500 surged by +2.11%. The blue chips Dow Jones index was up by +1.18%, and the tech-heavy Nasdaq rocketed by +2.96%.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Nvidia\u2019s earnings review<\/strong><\/h2>\n<p>The session was all about Nvidia\u2019s earnings, as the stock price jumped +16%.<\/p>\n<p>In Q4, Nvidia reported impressive revenues totalling US$22.103 billion.<\/p>\n<p>This result significantly exceeded analysts\u2019 estimates, with projected revenues of around US$20.550 billion.<\/p>\n<p>But that\u2019s not all; earnings per share exceeded expectations, reaching US$5.16, compared to the expected US$4.61.<\/p>\n<p>To illustrate the company\u2019s growth and the benefits for its shareholders, for the same quarter in 2023, Nvidia reported earnings per share of just US$0.57.<\/p>\n<p>\u201cThere\u2019s no froth and bubble in this stock price, it\u2019s that big and successful,\u201d said <em>Alex Pollack of Loftus Peak<\/em>.<\/p>\n<p>\u201cNvidia has solidified its position as the undisputed leader in artificial intelligence,\u201d said <em>Antonio Ernesto Di Giacomo at\u00a0xs.com.<\/em><\/p>\n<p>\u201cFor investors who don\u2019t own the stock, we would be buying on any weakness,\u201d said <em>James Demmert at Main Street Research<\/em>.<\/p>\n<p>\u201cThe big question for investors is, can this continue? Put simply, yes. Nvidia continues to deliver in every way, and its results show there is still plenty of growth ahead,\u201d said <em>Josh Gilbert, a market analyst at eToro<\/em>.<\/p>\n<p>\u201cThis isn\u2019t just a flash in the pan, nor a bubble, but a business that continues to make serious cash,\u201d Gilbert added.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Other stock news<\/strong><\/h2>\n<p><strong>Intuitive Machines <\/strong> fell more than -11% despite telling investors that it will attempt to put the first US-made lander on the moon in more than 50 years.<\/p>\n<p><strong>Rivian Automotive <\/strong> plunged by -26% as the EV maker announced a disappointing production forecast, and another round of job cuts.<\/p>\n<p><strong>Moderna <\/strong> rallied by +13% after some surprising Q4 results that beat analysts\u2019 estimates.<\/p>\n<p>\u00a0<\/p>\n<h2>Other markets \u2026<\/h2>\n<p><strong>Gold price<\/strong> traded flat at US$2,024.96 an ounce.<\/p>\n<p><strong>Oil prices<\/strong> were up around +0.5%, with Brent now trading at US$83.45 a barrel.<\/p>\n<p>The benchmark <strong>10-year US Treasury yield<\/strong> traded flat at 4.32%.<\/p>\n<p><strong>Iron ore futures<\/strong> bounced back by around +0.8% to US$120.05 a tonne.<\/p>\n<p>The <strong>Aussie dollar<\/strong> was up slightly by +0.1% to US65.57c.<\/p>\n<p>Meanwhile, <strong>Bitcoin<\/strong> rose by +1% in the last 24 hours to US$51,648.<\/p>\n<p>\u00a0<\/p>\n<h2>5 ASX small caps to watch today<\/h2>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/29metals-29m\/\">29Metals (ASX:29M)<\/a><\/strong><br \/>\n29M released its 31 December 2023 Mineral Resources and Ore Reserves estimates. Mineral Resource tonnes are maintained after depletion from production Mineral Resources tonnes totalling 128.3Mt (2022: 127.9Mt). Contained metal in Mineral Resources estimated at 2,260kt Cu, 2,309kt Zn, 1,292koz Au, 76,405koz Ag, 139kt Pb and 26kt Co.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/boom-logistics-bol\/\">Boom Logistics (ASX:BOL)<\/a><\/strong><br \/>\nRevenue for the half was $129.7m, up 30% on the pcp. EBITDA was $24.3m, up $4.3m or 22% on pcp. The company has updated its FY24 guidance, with revenue over $235m (previously $225m to $235m), and NPAT over $5.5m (previously over $5.0m).<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/genusplus-group-gnp\/\">GenusPlus Group (ASX:GNP)<\/a><\/strong><br \/>\nThe communications infrastructure company\u2019s revenue for the half was $250 million, up 11.3% on the pcp. Normalised EBITDA was $21.9 million, up 27.2% on the pcp. The company has upgraded its EBITDA guidance, with expectations now to deliver 10-15% growth in EBITDA in FY24. GNP also said strong growth is expected to continue in FY25 and beyond.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/cleanspace-csx\/\">CleanSpace Holdings (ASX:CSX)<\/a><\/strong><br \/>\nH1 revenue was $7.3m, a growth of 27% v pcp. H1 Operating EBITDA loss was -$2.5m, which was better $3.8m better than the pcp. CSX says it sees continued strong revenue momentum, and expects cash break even later in 2024 calendar year.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/sierra-nevada-gold-snx\/\">Sierra Nevada Gold (ASX:SNX)<\/a><\/strong><br \/>\nSNX has received strong assays from a reverse circulation (RC) drilling program (12 holes for 913m) testing near-surface mineralisation at the Gold Coin and Discovery Shaft areas within the historic Warrior mining centre. Better results include: 20.73m at 2.13g\/t Au from 62.2m inc.10.97m at 3.76g\/t Au from 63.4m.<\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-wall-street-goes-nuts-over-nvidias-results-and-5-asx-small-caps-to-watch-today\/\">Market Highlights: Wall Street goes nuts over Nvidia\u2019s results; and 5 ASX small caps to watch today<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 Wall Street surges much higher after Nvidia\u2019s results Nvidia surges 15pc after recording impressive revenue But is the stock just a flash in <a href=\"https:\/\/economicherald.net\/?p=6245\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6246,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Highlights: Wall Street goes nuts over Nvidia\u2019s results; 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