Market RALLIES on Blowout Earnings

Strong earnings from Nvidia lifted the S&P 500 and Nasdaq to multiple-point gains in today's trading session.

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

The market exploded on Thursday after a blowout earnings report from chip giant Nvidia. The massive NVDA rally lifted the S&P 500 and Nasdaq to multi-point gains.

  • DJIA [+1.1%]

  • S&P 500 [+2.1%]

  • Nasdaq [+2.9%]

  • Russell 2K [+0.9%]

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Market-Moving News 🔎 

🚀 Nvidia's AI Demand Fuels S&P Surge

Nvidia [NVDA +16.4] is on an impressive sprint to catch up with the soaring demand for AI technologies. This scramble has certainly paid off, as evidenced by their latest quarterly earnings report.

The chipmaker's sales have seen a meteoric rise, tripling over the past year and injecting a fresh dose of optimism into the AI sector's prospects.

📈 Market Reaction
Following the announcement, Nvidia's stock leapt by over 16%, a sharp turnaround from its nearly 3% dip at Wednesday's close.

This surge propelled the S&P 500 to another record high, underscoring Nvidia's pivotal role in the current AI-driven market enthusiasm.

🔢 Quarterly Earnings Breakdown
For the fourth quarter, Nvidia reported:

  • A whopping revenue of $22.1 billion, significantly surpassing its November forecast of around $20 billion.

  • Net income stood at an impressive $12.3 billion, easily beating the $10.8 billion estimate.

  • Earnings per share (EPS) reached $4.93, outpacing the predicted $4.20.

🔮 Looking Ahead
With an eye towards the future, Nvidia has set an ambitious revenue target of $24 billion for the current quarter, challenging Wall Street's expectations of $20.4 billion.

This forecast not only highlights Nvidia's dominance in the AI space but also signals robust growth ahead for the tech giant.

Top Winners and Losers 🔥

LaRosa Holdings [LRHC] $2.74 (+107.9%)
acquired a 100% interest in the La Rosa Realty Winter Garden franchise in Florid for an undisclosed sum.

Monopar Ther. [MNPR] $1.12 (+96.4%)
unveiled promising preclinical and therapeutic efficiency data for its MNPR-101 radiopharmaceutical program.

Root [ROOT] $13.29 (+53.2%)
published Q4 2023 earnings that featured a narrowing operating loss and revenues that more than double compared to a year ago.

Microcloud Hologram [HOLO] $11.01 (28.9%)
sold off in a continuing battle between bulls and bears that began on Friday of last week.

Esports Entertainment [GMBL] $1.84 (28.6%)
completed its voluntary delisting from the Nasdaq on Wednesday and saw its shares slide in today’s session as a result.

Bel Fuse [BELFB] $50.02 (28.6%)
reported earnings and revenues that fell short of The Street’s expectations on its Q4 2023 earnings report.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
Adam G.
Elite Trade Club

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