Dow Jones Futures Soar Following Strong Nvidia Earnings; Tesla Approaches Buy Zone

Dow Jones futures saw a modest rise early Wednesday, as did S&P 500 and Nasdaq futures after Nvidia (NVDA) reported strong earnings and guidance. Significant economic data will be released. Meanwhile, other AI plays such as Microsoft (MSFT), Advanced Micro Devices (AMD), Alphabet (GOOGL), Meta Platforms (META), Palantir Technologies (PLTR) and Super Micro Computer (SMCI) also saw a positive surge. Additionally, Microsoft backed OpenAI is welcoming Sam Altman as CEO. Several other companies experienced varied stock movements. Dow Jones futures climbed 0.1% vs. fair value, making for an interesting market session. Remember that premarket action doesn’t necessarily translate into actual trading. Stay up to date on leading stocks and the market on IBD Live Stock Market Rally.
Tesla stock experienced a slight rise in premarket trade, retaking the 50-day line amid solid weekly China registrations. A Florida judge found “reasonable evidence” that Tesla Autopilot was defective. On the other hand, Nvidia stock experienced an up-and-down premarket trade. Nvidia reported Q3 revenue had spiked 206% to $18.12 billion and the company also guided higher for Q4. Sam Altman has been reinstated as OpenAI CEO, just five days after his abrupt exit. OpenAI’s board ousted Altman on Friday, but key investors like Microsoft and key staff rebelled and now they are in talks to bring him back. These were the major happenings in the stock market. Remember to follow Ed Carson on X/Twitter at @IBD_ECarson and Threads at @edcarson1971 for more stock market updates.


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