Global stock markets are wary of near-term prospects. This comes from Nvidia’s upcoming earning declaration. The numbers for the second quarter are expected to be released soon. Stock markets are having a sluggish day. This includes Bitcoin, which is used prominently with other cryptocurrencies. Nvidia’s earnings are anticipated to have a significant impact on the market.
For reference, BTC is exchanging hands at $59,036.82, down by 6.15% in the last 24 hours at the press time.
As for the market in general, Nasdaq was reportedly down 0.03%. Dow Jones and S&P 500 were down by 0.20% and 0.03%, respectively, on August 27, 2024. There are mixed movements in the stock market, as not only Nvidia but also key inflation data will be on the table later this week. Wall Street’s main indexes opened on a lower note in anticipation of the results.
According to Goldman Sachs, there could be a massive swing of $298 billion in the market once Nvidia publishes results for Q2 on Wednesday. However, it could take a combination of stronger numbers for the second quarter plus an equally strong future outlook.
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Scott Rubner, the Managing Director at Nvidia, even hinted that it could exceed expectations. This is supported by the fact that the company experienced its highest net selling in two months for the fourth consecutive week. It drove both long-term and short-term sales. In other words, investors would be surprised if Nvidia rises following its earnings declaration.
Rubner said the current bar is lower than previous quarters.
Nvidia is also in the headlines because its employees are reportedly becoming multi-millionaires. This is happening because of its rising stock prices. However, the situation is more gloomy than cheerful, as many employees, who have chosen not to disclose their identities, have expressed that they are bearing the brunt of the rising stock prices by working extremely long hours. Some of them even compared the situation to being in a pressure cooker.
NVDA stocks are currently listed at $128.30, up by 1.46% at the press time. In recent times, the number has been more or less stable. It did close at $98.91 on August 7, 2024, but has since bounced to a high of more than $128. Interestingly, the figure on August 7 was the lowest in the last three months. That was also the last time it closed below $100 in a day.
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The market cap of AI crypto tokens has risen ahead of its earnings. It has reportedly climbed by more than 79% in the last three months, signaling renewed confidence among investors. As of August 25, 2024, CoinMarketCap revealed that the segment’s market cap was more than $38 billion. NEAR, ICP, and FET were the tokens leading the charge.
