Nvidia’s (NVDA) earnings sent the S&P 500 skyward to record highs and up 2.2%. The Nasdaq 100 rose over 3% to fall just short of its record high. Nvidia also made record highs after reporting a 265% rise in revenues. Their stock vaulted 16% which added $277 billion to the company’s market cap, topping Meta’s record for the largest single day increase of any company ever. The FOMO trade for AI is back on as AI companies across the board had a strong up day Thursday.
AT&T suffered a nationwide cell outage Thursday morning which left millions of customers feeling like they were in an apocalypse, unable to get anything done. The problems spanned New York, Houston, Atlanta, Miami, Chicago, and Dallas.
Social media platform Reddit made their IPO filing public Thursday in anticipation of a March US stock market debut. Reddit showed their losses narrowed to $90.8 million on 21% revenue growth, lagging the success of contemporaries like Facebook and X (Twitter).
The company said they have 73.1 million active daily and 267.5 million weekly active users in over 100K communities and 1 billion posts. The company struck a deal with Alphabet’s Google to make content available for training Google’s AI models, a contract worth about $60 million per year.
Corporate earnings before the open include AER, CCEP, H, LAMR, RBA, and WBD. After the bell earnings include AEE, AMH, CTRA, and PBA.
The US economic calendar and Fed speaker schedule are bare.
Volatility took a leap higher from Thursday’s huge runup and should remain elevated but could take a breather today.
No Whale bias as large trader volume overnight was mixed.