Dow Futures Down After Nvidia Earnings

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Dow Futures Down After Nvidia Earnings

Dow Futures Down By 0.1% After Nvidia Earnings

The majority of the US stock futures were down on Tuesday as the markets tried to digest the latest results from Nvidia (NVDA) company.

Overall, the S&P Futures have shed 0.2% of their value, while the Dow Jones Futures is down by 0.1%. Similarly, the Nasdaq 100 has ticked lower by 0.3% for the day.

NVDIA Q3 EPS Was Above Forecast

During the extended trading session, a 1.5% drop was noticed in the NVIDIA stock after the Q3 EPS showed a positive surprise. The market expected a $3.36 EPS during Q3, but the company managed to beat that by posting an EPS of $4.02.

Although the company's EPS was higher than the forecast, NVDA stock still lost 1.5% of its value, which is a really strange behavior. In addition, the company's revenue during Q3 was reported at $18.12 billion against a forecast of $16.18 billion.

Once again, the Q3 revenue of Nvidia was way above the market's expectations and showcased that the company is going strong.

However, the only downside from Nvidia was the announcement that its 4th Quarter results may not be that good after the export restrictions set by the USA. It appears that this news was not taken well by the market players, as it even overshadowed the positive Q3 results.

Several Tech Companies Ticked Lower

Other tech companies are also down on Tuesday, including Autodesk, HP, & Guess. Autodesk (ADSK) is down by 3.7% for the day, while HP has lost around 3.1% of its stock value. Similarly, Guess Inc (GES) is also down by a staggering 14.7% as the company announced a below-forecast EPS for Q3.

Later today, the investors will be closely watching the jobless claims, durable goods orders, & various other releases from the US economy.

Just like the US stock futures were down for the day, similar movements were recorded in the spot indexes as well. For starters, both the S&P 500 and the DJIA ticked lower by 0.2%, while the NASDAQ index dipped by 0.6%.

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