- Shares soared on Nvidia’s strong earnings.
- Eight GOP candidates are on the debate stage.
- Starbucks has a new drink.
Here are the most important news investors need to start their trading day:
Stock futures rose on Thursday as investors applauded Nvidia’s strong earnings report. S&P 500 futures were up 0.5% while Nasdaq 100 futures climbed 1.1%. However, Dow Jones Industrial Average futures were less rosy, shedding 38 points, or 0.1%. “The entire tech sector and overall market was waiting for Nvidia, this is the purest and best barometer for AI demand and the result/guidance was a ‘drop the mic’ moment in our opinion that will have a profound impact on the tech sector ” the rest of the year,” said Dan Ives, senior equity research analyst at Wedbush Securities. Other chip makers including Taiwan Semiconductor, AMD and Marvell Technology boosted their shares along with Nvidia. Follow the live market updates.
Exterior view of NVIDIA headquarters on May 30, 2023 in Santa Clara, California.
Justin Sullivan | Getty Images
Nvidia beat analysts’ estimates for its fiscal second quarter and issued strong guidance after the bell on Wednesday. The company reported an astonishing 422% increase in net income as compared to the same period last year, reaching $6.7 billion in the quarter. Nvidia’s total sales grew 171% year-over-year to $13.51 billion, and it expects demand to remain high. Its graphics processors have become the core of the AI boom and it hopes to ramp up supply in the coming months to deliver more. The stock rose 6% in extended trading on Wednesday, more than the 200% it has added during the year.
Former Arkansas Governor Asa Hutchinson, former New Jersey Governor Chris Christie, former US Vice President Mike Pence, Florida Governor Ron DeSantis, businessman Vivek Ramaswamy and former South Carolina Governor Nikki Haley before the start of the first Republican debate of 2024. Posing with the US presidential campaign in Milwaukee, Wisconsin, August 23, 2023.
Jonathan Ernst | reuters
Eight candidates took the stage Wednesday evening in the first Republican presidential primary debate of the election cycle, with one notable absence. Ron DeSantis, Vivek Ramaswamy, Mike Pence, Nikki Haley, Tim Scott, Chris Christie, Doug Burgum and Asa Hutchinson all qualified. But frontrunner Donald Trump, who was also eligible, declined to participate in the debate, opting instead to begin a taped interview with former Fox News host Tucker Carlson. Trump was still at large in talks, and the candidates were divided on whether they would support the former president if he becomes the GOP nominee again. He also argued about abortion, climate change and past leadership experience.
Starbucks’ new fall drink, the Iced Pumpkin Creme Chai Latte.
Source: Starbucks
There’s a new pumpkin in town. Starbucks is celebrating 20 years of its Pumpkin Spice Latte by adding an Iced Pumpkin Creme Chai Latte to the mix this year. It joins a seasonal menu that already hosts PSL and Pumpkin Cream Cold Brew, which have been around for five years. The new iced drink comes as Starbucks customers, and Gen Z shoppers in particular, are increasingly choosing iced drinks over hot ones. Starbucks’ more expensive Reserve locations, which also serve alcohol, will also get new, specialty Pumpkin Spice drinks, including a Pumpkin Spice Espresso Martini and a Pumpkin Spice Whiskey Barrel-Aged Iced Latte.
Site view after a private jet reportedly carrying Wagner chief Yevgeny Prigozhin and other passengers crashed in Russia’s northwestern Tver region on August 23, 2023.
Wagner Telegram Account | Handout | Anadolu Agency | Getty Images
Yevgeny Prigozhin, head of the Wagner Russian mercenary group, was killed in a plane crash on Wednesday, according to Russian media reports. Russian authorities said he was listed as a passenger on a business jet that crashed in the Tver region northwest of Moscow, killing all 10 people on board. It was not immediately clear whether Prigozhin was actually on board the plane, but the crash came two months after he led a short-lived rebellion against Russian President Vladimir Putin. Prigozhin largely disappeared from public view after the uprising, but reappeared a few days before the plane crash in what was believed to be his first video address.
, CNBC’s Brian Evans, Kiff Lesswing, Emma Kinery, Kevin Breuninger, Dan Mangan, Amanda Macias, Brian Schwartz, Amelia Lucas and Natasha Turak contributed to this report.
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