HomeMarket NewsSmall Caps NASDAQ Ascends 300 Points, NVIDIA Delivers Strong Results NASDAQ Ascends 300 Points, NVIDIA...

NASDAQ Ascends 300 Points, NVIDIA Delivers Strong Results NASDAQ Ascends 300 Points, NVIDIA Delivers Strong Results

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U.S. stocks opened on a high note today, with the Nasdaq Composite surging approximately 300 points on Thursday.

As of the opening bell on Thursday, the Dow traded up 0.63% to 38,857.02, while the NASDAQ rose 1.95% to 15,884.67. The S&P 500 also saw a hike, climbing 1.20% to 5,041.45.

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Market Momentum

Technology shares led the way, rising by 3.1% on Thursday, while utilities shares fell by 0.8% in trading.

Key Highlights

NVIDIA Corporation NVDA exceeded expectations in its fourth-quarter financial results and issued robust revenue guidance for the first quarter.

The company reported revenue of $22.10 billion, surpassing the Street estimate of $20.62 billion. Notably, revenue in the fourth quarter soared by a staggering 265% year-over-year. Nvidiaโ€™s fourth-quarter non-GAAP earnings per share stood at $5.16, outpacing the Street consensus estimate of $4.64, according to data from Benzinga Pro.

Top Movers

Shares of La Rosa Holdings Corp. LRHC skyrocketed 186% to $4.00 after the company announced its acquisition of a 100% interest in the Companyโ€™s franchisee, La Rosa Realty Winter Garden LLC, located in Winter Garden, Florida.

BuzzFeed, Inc. BZFD witnessed a significant surge, climbing 78% to $0.3901 following the companyโ€™s sale of Complex Networks to NTWRK, a live-streaming video commerce platform. The deal, valued at $108.6 million, also prompted a 16% reduction in BuzzFeedโ€™s workforce.

Venus Concept Inc. VERO also posted notable gains, rising 45% to $1.8606 after the company received a CE Mark from DEKRA Certification B.V. to market Venus Versa Pro in Europe.

Losers of the Day

Draganfly Inc. DPRO experienced a decline of 46% to $0.1951 as the company announced pricing of a $3.6 million underwritten public offering.

Shares of Greenbrook TMS Inc. GBNH plummeted 42% to $0.2201 following the companyโ€™s announcement of a $1.2 million registered direct offering of 6 million shares at $0.20 per share purchase price.

Bel Fuse Inc. BELFA witnessed a 23% fall to $57.00 after reporting weak fourth-quarter financial results.

Commodity Investments

In commodity news, oil traded up 0.1% to $77.94, while gold traded up 0.2% at $2,038.10. Additionally, silver traded up 0.9% to $23.09, while copper fell 0.1% to $3.8740.

Euro Zone Insights

European shares also observed an upward trend, with the eurozoneโ€™s STOXX 600 climbing 0.8% and Londonโ€™s FTSE 100 rising by 0.3%. Furthermore, Spainโ€™s IBEX 35 Index saw a 0.5% increase, the German DAX gained 1.4%, the French CAC 40 rose by 1%, and Italyโ€™s FTSE MIB Index rose 1.2%.

Inflation in the Eurozone eased to 2.8% in January from 2.9% in December. Moreover, the HCOB Eurozone manufacturing PMI fell to 46.1 in February from 46.6 in January, while services PMI rose to 50 in February. The HCOB France composite PMI rose to 47.7 in February from 44.6 in the earlier month, and German composite PMI fell to 46.1 in February from 47.0 in the prior month. The S&P Global UK services PMI remained steady at 54.3 in February, while manufacturing PMI rose to 47.1, up from 47 in January.

Asia Pacific Market Movement

Asian markets concluded with mixed results, where Japanโ€™s Nikkei 225 surged 2.19%, Hong Kongโ€™s Hang Seng Index rose 1.45%, Chinaโ€™s Shanghai Composite Index gained 1.27%, and Indiaโ€™s S&P BSE Sensex jumped 0.74%. The annual inflation rate in Hong Kong eased to 1.7% in January from 2.4% in the prior month. Additionally, the HSBC India composite PMI rose to 61.5 in February from a final reading of 61.2 in the previous month, while the au Jibun Bank Japan composite PMI declined to 50.3 in February versus a final reading of 51.5 in January.

Economic Indicators

The Chicago Fed National Activity Index dropped to -0.30 in January from a revised reading of 0.02 in the previous month. U.S. initial jobless claims fell by 12,000 to 201,000 in the week ending Feb. 17, compared to market estimates of 218,000.

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