Global stocks had a mixed day Thursday as investors turned their attention from Nvidia's latest earnings to upcoming U.S. economic data. Nvidia reported strong profits and forecast better-than-expected revenue for the next quarter, but its shares still fell 7.6% in after-hours trading, wiping out $236 billion in market value. This drop sent Nasdaq futures down 1% and S&P 500 futures down 0.5%, as reported by Business Standard.
Asian markets felt the impact of Nvidia's stock slide. Japan's Nikkei 225 fell 0.4%, South Korea's Kospi dropped 1%, and Australia's S&P/ASX 200 lost 0.3%. China's blue-chip index fell 0.4% for the fourth day straight, reflecting ongoing concerns about the country's economic recovery. Meanwhile, Hong Kong's Hang Seng rose by 0.5%, and MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6%, driven lower by tech stocks.
European stocks showed more resilience. France's CAC 40 gained 0.4%, Germany's DAX stayed flat, and Britain's FTSE 100 added 0.2%. In the U.S., Dow futures rose 0.4%, suggesting a positive opening for Wall Street, according to the Associated Press.
Investors are now focused on new U.S. economic data, including the personal consumption expenditures (PCE) report due on Friday. The PCE is the Federal Reserve's preferred measure of inflation, and economists expect it to show a slight increase to 2.6% in July from 2.5% in June. This data could be key to the Fed's next move on interest rates, with hints that cuts could come as early as September if inflation and job data align.
Meanwhile, in the energy market, U.S. crude oil prices rose to $74.73 a barrel, and Brent crude increased to $78.80 a barrel. Gold prices also climbed, reaching $2,512.89 an ounce, close to a record high. In currency trading, the dollar strengthened against the yen, reaching 144.56 yen, while the euro slipped to $1.1109.
Investors are closely watching how the U.S. economy handles inflation and high borrowing costs, as the Federal Reserve considers easing its rates in the months ahead.
