It appeared early Thursday as if a positive reaction to Nvidia's (NVDA) blowout earnings was going to lift stocks across the board, with the main benchmarks climbing out of the gate. But the broad-market buying power fizzled mid-morning as investors turned their attention to disappointing economic data and the start of the Federal Reserve's annual economic symposium in Jackson Hole, Wyoming.
Last night, Nvidia reported jaw-dropping second-quarter earnings, with revenue for the three-month period doubling on a year-over-year basis amid surging demand for its chips that power artificial intelligence (AI) technology. Additionally, NVDA said it expects third-quarter revenue to reach $16.5 billion, well above analysts' estimate for $12.5 billion in sales.
