📈 Market Analysis: Asian stocks fall along with Wall Street futures as Nvidia disappoints
Asian markets fell in tandem with Wall Street futures on Thursday, driven by disappointing investor reactions to Nvidia's third-quarter revenue forecast. Despite Nvidia's forecast of $32.5 billion surpassing expectations, its shares dropped 7.6% in after-hours trading, erasing about $236 billion in market value. This led to a 1% decline in Nasdaq futures and a 0.5% drop in S&P futures. The downturn extended to Nvidia's chip supplier TSMC and broader Asian markets, with notable declines in tech stocks across the region.
China's market faced additional pressure from concerns about its economic recovery, with UBS downgrading China's 2024 GDP growth forecast to 4.6%. Meanwhile, Meituan's shares surged 7% after strong second-quarter revenue growth. Debt and currency markets were stable, with the dollar holding steady amid expectations of upcoming Fed rate cuts. Gold prices increased, nearing record highs, while oil prices edged up slightly after recent declines.
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