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US stocks recovered from steep losses Wednesday ahead of Nvidia’s (NVDA) earnings, a crucial litmus test for the artificial intelligence trade that could set the direction of markets for days to come.
The Dow Jones Industrial Average (^DJI) finished the day up about 0.3%, while the benchmark S&P 500 (^GSPC) closed flat. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) slipped about 0.1%. All three major indexes had been deep in the red at some point in the day, with the Nasdaq down over 1% in morning trading.
After the bell, Nvidia reported earnings per share (EPS) of $0.81 on revenue of $35.1 billion. Analysts were anticipating EPS of $0.74 on revenue of $33.2 billion but shares slipped early in after-hours trading.
The $3.61 trillion chipmaker, now the world’s most valuable company, had seen its stock surge 200% this year so far, hitting record highs after the US presidential election.
Elsewhere incorporates, Target (TGT) muted its outlook for holiday-season sales and profit after posting a big quarterly profit miss and slashing its full-year guidance. The retail giant’s shares sank more than 21% after the earnings.
Meanwhile, bitcoin (BTC-USD) prices were up more than 3% to hit a fresh record near $94,500 per token before paring back some gains and falling below $94,000. Optimism for a crypto-friendly Trump White House has spurred the digital currency’s recent rally.
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