On Wednesday, November 20th local time, the three major stock indexes in the United States experienced mixed ups and downs. As of the close, the Dow Jones Industrial Average rose 0.32%, the Nasdaq fell 0.11%, and the S&P 500 index closed flat.
According to Nvidia's latest financial report. The company's third quarter revenue was $35.1 billion, with analysts expecting $33.25 billion; In the third quarter, data center revenue was 30.8 billion US dollars, with an expected 29.14 billion US dollars; The company expects fourth quarter revenue to be around $37.5 billion, with a market estimate of $37.1 billion.
The three major stock indexes have different ups and downs. Retail giants have plummeted by more than 20%
On Wednesday, November 20th local time, the three major stock indexes in the United States experienced mixed ups and downs. As of the close, the Dow Jones Industrial Average rose 139.53 points, or 0.32%, to 43408.47 points; The Nasdaq fell 21.33 points, or 0.11%, to 18966.14 points; The S&P 500 index closed flat at 5917.11 points.
The S&P 500 index closed flat, while the Nasdaq fell more than 1% during trading. Nvidia's latest financial report shows that the company's third quarter revenue was $35.1 billion, with analysts expecting $33.25 billion; In the third quarter, data center revenue was 30.8 billion US dollars, with an expected 29.14 billion US dollars; The company expects fourth quarter revenue to be around $37.5 billion, with a market estimate of $37.1 billion. Netflix continues to hit a historic high, with weekly gains expanding to over 7%. Bitcoin hit a new historical high of $94000 in the market, with cryptocurrency concept stocks generally rising, Micro Strategy rising over 10%, and MARA Holdings rising over 13%. Micro Strategy Investment, a major holder of Bitcoin, saw MSTR rise by over 10%, with a market value exceeding $100 billion. Retail giant Target fell more than 21%, and its third quarter financial report fell short of expectations, lowering its full year profit guidance. Manbang surged 14.82%, and the latest financial report shows that Manbang's operating revenue in the third quarter of 2024 reached a new high of 3.03 billion yuan, a year-on-year increase of 33.9%.
Nvidia CEO Huang Renxun stated that the era of AI has fully arrived, driving the global demand for Nvidia's computing platform. He pointed out that with the rapid penetration of AI technology in various industries, especially in data centers, automation industries, and robotics, NVIDIA will continue to lead the global transformation of computing technology.
On the news front, Federal Reserve Governor Bauman stated that the Fed should adopt a more cautious attitude towards monetary policy. The current interest rate level may be close to neutral policy, but there is still a risk of interest rates falling below neutral levels before achieving the goal of price stability. He pointed out that inflation remains a key concern, and progress in reducing inflation seems to be stagnant. Expectations for neutral interest rates have also exceeded pre pandemic levels.
Bauman emphasized that the task of price stability faces greater risks, even if the labor market may deteriorate to some extent, the overall economy remains strong, the labor market is close to full employment, and inflation remains high. He expects that after considering short-term impacts such as hurricanes and Boeing strikes, the non farm payroll data for October may be consistent with recent averages.
In terms of monetary policy, Bauman stated that the Federal Reserve is readjusting its policies, but has not yet achieved its goal of reducing inflation. He called on policymakers to remain flexible in response to economic changes and potential risks. In addition, he mentioned that if Congress deems it necessary, it should authorize the development of a central bank digital currency to address future financial needs and innovation challenges.
Federal Reserve Governor Cook stated that overall data indicates that the decline in inflation is still ongoing and the labor market is gradually cooling down. If inflation slows down and the job market remains stable, there may be a pause in interest rate hikes. The overall job market remains stable; The recent sluggish growth is the result of temporary strikes and the impact of storms.
Collins of the Federal Reserve stated that due to the still restrictive nature of policies, some additional interest rate cuts are still needed. Slow interest rate cuts may cause harm to the labor market.
At present, swap traders believe that the likelihood of another rate cut at the Fed's 12th meeting is slightly higher than 50%.
Regarding the global trend of interest rates, Goldman Sachs predicts that both emerging market economies and developed market economies will significantly reduce interest rates. Goldman Sachs predicts that by the end of 2024, global central banks will lower their policy rates from 5.2% to 5.1% (based on GDP weighting), and to 3.8% by the end of 2025. They expect developed markets to relax by an average of 116 basis points over the next four quarters, with New Zealand cutting interest rates significantly (175 basis points) and the eurozone and Canada relaxing by 150 basis points. Japan is an exception, and Goldman Sachs expects interest rates in Japan to increase by 50 basis points over the next four quarters. Goldman Sachs predicts that emerging markets will relax by an average of 114 basis points in the next 12 months, and Central and Eastern Europe, the Middle East and Africa (CEEMEA) region (excluding Türkiye and Egypt) will cut interest rates significantly.
Other market aspects. The US dollar index has risen. The US dollar index, which measures the US dollar against six major currencies, rose 0.45% on the day and closed at 106.681 at the end of the foreign exchange market. As of the end of the New York currency market, 1 euro was exchanged for 1.0539 US dollars, lower than the previous trading day's 1.0594 US dollars; 1 pound is exchanged for 1.2647 US dollars, lower than the previous trading day's 1.2676 US dollars.
International oil prices have fallen. As of the close of the day, the price of light crude oil futures for December delivery on the New York Mercantile Exchange fell 52 cents, closing at $68.87 per barrel, a decrease of 0.75%; The London Brent crude oil futures price for delivery in January 2025 fell by 50 cents, closing at $72.81 per barrel, a decrease of 0.68%.
Nvidia releases latest financial report
In terms of sectors, the 11 major sectors of the S&P 500 index rose 6 times and fell 5 times. Among them, the healthcare sector led the way with a 1.18% increase, while the non essential consumption sector led the way with a 0.57% decline.
Most popular Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index up 1.44%. Manbang rose over 14%, iQiyi rose over 4%, Bilibili rose over 3%, Futu Holdings, Tencent Music, New Oriental, NetEase, and Vipshop rose over 2%, Weibo rose over 1%, Xiaopeng Motors rose nearly 1%, Baidu, Miniso, and NIO rose slightly, JD.com and Alibaba fell slightly, and Pinduoduo, Huya, Douyu, and Ideal Auto fell over 1%.
Manbang surged 14.82%. The latest financial report shows that in the third quarter of 2024, Manbang's operating revenue reached a new high of 3.03 billion yuan, a year-on-year increase of 33.9%; Operating profit of 880 million yuan was recorded under non US accounting standards, a year-on-year increase of 92.9%; The adjusted net profit under non US accounting standards was 1.24 billion yuan, a year-on-year increase of 50.2%, demonstrating strong profitability.
The financial report shows that Manbang's operational and user data in the third quarter were impressive. The number of fulfilled orders on the platform reached a historic high of 51.9 million in the third quarter, a year-on-year increase of 22.1%.
Popular technology stocks have mixed ups and downs. Lilly rose over 3%, Netflix soared over 1%, Oracle rose nearly 1%, Cisco, Meta, Micron Technology, Arm, and Apple rose slightly, Microsoft, ASML, TSMC, Nvidia, Intel, and Amazon fell slightly, Tesla, Google A, Broadcom, AMD, and Texas Instruments fell over 1%, Qualcomm fell over 6%, and AMD fell over 8%.
Nvidia fell 0.76%. Nvidia released its third quarter financial report after the US stock market closed, showing strong performance. During the reporting period, Nvidia's total revenue reached a record high of $35.1 billion, a year-on-year increase of 94% and a month on month increase of 17%. The data center business continues to be the core driving force for the company's growth, with third quarter revenue of $30.8 billion, a year-on-year increase of 112%.
[align center] (NVIDIA releases latest financial report. Source: NVIDIA)
Data shows that Nvidia's net profit for this quarter was $19.31 billion, a year-on-year increase of 109%, with diluted earnings per share of $0.78, an increase of 111% from $0.37 in the same period last year. Under non GAAP standards, Nvidia's net profit was $20.01 billion, a year-on-year increase of 100%, and earnings per share reached $0.81, a year-on-year increase of 103%. The strong growth of NVIDIA in the AI and data center fields, as well as the market demand for its GPU products, have driven a significant improvement in the company's performance.
Jensen Huang, founder and CEO of Nvidia, stated that the era of AI has fully arrived, driving the global demand for Nvidia's computing platform. He pointed out that with the rapid penetration of AI technology in various industries, especially in data centers, automation industries, and robotics, NVIDIA will continue to lead the global transformation of computing technology.
In the sub business areas, data shows that data center business continues to be the biggest highlight, with revenue reaching 30.8 billion US dollars, accounting for the vast majority of overall revenue. The rapid growth of this business is attributed to the demand for Hopper series chips and the expected acceleration of Blackwell chips. Nvidia also revealed in the report that several leading cloud service providers, including AWS, Microsoft Azure, Google Cloud, etc., have begun deploying supercomputing infrastructure based on Nvidia technology, driving accelerated training and inference of AI and deep learning models.
The revenue of gaming and AIPC businesses has also steadily increased, reaching $3.3 billion in the third quarter, a year-on-year growth of 15%. NVIDIA celebrated the 25th anniversary of the release of the GeForce 256 GPU and showcased its innovations in AI driven gaming, including the widespread adoption of RTX AIPC and DLSS technologies. Although the growth rate of the gaming business is relatively moderate, the company stated that with the continuous integration of AI technology, the potential for future growth is still enormous.
In addition, Nvidia's performance in the automotive and robotics business is also noteworthy, with revenue in the automotive sector reaching $449 million, a year-on-year increase of 72%. The robotics business has also made significant progress in driving new generation AI applications. Nvidia has partnered with several well-known companies to drive innovation in smart cars and robotics technology, including its partnership with Volvo to accelerate the development of next-generation electric vehicles.
Looking ahead, Nvidia expects its revenue to reach $37.5 billion in the fourth quarter of fiscal year 2025, continuing to maintain strong growth. The company also revealed that the next generation AI chip Blackwell will begin mass production in the fourth quarter and is expected to bring more growth momentum to the coming quarters.
Tesla fell 1.15%. Tesla Chairman Robbins Holm sold his shares to cash out over $35 million, coinciding with the stock's surge following the US election. According to SEC regulatory documents, Robin Danholm executed 1123900 stock options that will expire next year and sold these stocks on November 15th. She pre arranged these trades in July through a trading plan that internal members of a US company could use to sell stocks. Considering the exercise cost, Robin Danholm's net profit from this stock sale is approximately 32.5 million US dollars.
(Source: SEC)
Amazon fell 0.85%. According to the Amazon official website, Amazon has released the new Echo Show 21 and upgraded Echo Show 15 smart displays, bringing a new experience to home organization, entertainment, and smart home connectivity. It is reported that Echo Show 21 is the largest Echo device to date, with a screen area almost twice that of Echo Show 15, and significantly improved sound quality, featuring double bass, space adaptation technology, and noise reduction. The upgraded automatic tracking camera supports a larger field of view and higher zoom, improving the quality of video calls. Amazon stated that these innovative devices will meet users' expectations for larger screens, higher sound quality, and greater intelligence, setting a new benchmark for the smart home market.
Apple rose 0.32%. Apple requested on Wednesday that a federal judge in Newark, New Jersey, dismiss a case filed by the Department of Justice accusing it of illegally monopolizing the smartphone market. Apple argues that its restrictions on developer technology access are reasonable, and forcing it to share technology with competitors may suppress innovation. The prosecution accuses Apple of locking users into its ecosystem and excluding market competition by restricting the interoperability between iPhone and third-party applications and devices.
It is reported that this case was filed by the Department of Justice in March this year in collaboration with multiple states, focusing on Apple's restrictions and related fees on app developers, as well as its technical barriers to competing products such as third-party smartwatches, digital wallets, and messaging services.
Microsoft fell 0.55%. According to Bloomberg on Wednesday citing a newly released tax return, Sam Ultraman, CEO of Microsoft partner OpenAI, received a salary of $76001 last year, slightly higher than $73546 in 2022. Sam Ultraman has stated that his salary is only the "minimum requirement for health insurance" and he does not hold any equity in OpenAI. In 2023, OpenAI experienced severe turbulence, including the brief dismissal of Sam Ultraman due to conflicts with the board of directors. In addition, OpenAI's non-profit organization received a donation of $5 million in 2023 and has invested in multiple research projects related to AI ethics and economic opportunities.
Most financial stocks have fallen. Visa, Mizuho Financial, and Mastercard fell more than 1%, JPMorgan Chase fell nearly 1%, American International Group, Travelers Insurance, Bank of America, Citigroup, Morgan Stanley, BlackRock, First Capital Financial, Deutsche Bank, and UBS Group fell slightly, regional finance closed flat, while Goldman Sachs, Wells Fargo, United Bank of America, and American Express rose slightly.
Most energy stocks closed higher. Murphy Oil, ExxonMobil, and Chevron rose more than 1%, Schlumberger rose 1%, Apache Oil rose nearly 1%, Western Petroleum, Marathon Oil, Petrobras, ConocoPhillips, Duke Energy, and Imperial Oil rose slightly, US Energy closed flat, while BP and Shell fell slightly.
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