Saturday, July 13, 2024
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On Wednesday, U.S. stocks experienced declines as investors analyzed the Federal Reserve’s meeting minutes. However, after the market closed, Nvidia’s shares surged approximately 6% following the semiconductor company’s robust revenue forecast, leading to gains in other chipmakers as well.

Investors had been eagerly awaiting Nvidia’s first-quarter results to see if they could meet the high expectations set for the company. The impressive rally in artificial intelligence-related stocks had also been under scrutiny, with investors questioning its sustainability.

Despite closing weaker initially, Nvidia’s shares have soared nearly 90% this year, building on an extraordinary 240% surge in 2023. Analysts and investors are closely examining Nvidia’s forward-looking guidance to assess whether the current valuations are justified.

Throughout the trading session, stocks struggled to find direction but weakened further after the release of the Fed’s meeting minutes. The minutes revealed that U.S. central bank officials remained optimistic that price pressures would gradually ease, despite recent disappointments over inflation readings.

The Fed’s meeting took place at the end of April and beginning of May, following a series of reports showing persistent inflation. However, more recent data suggested that inflationary pressures might be abating once again.

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