NVIDIA’s role in Nasdaq rally underscored as Q2 earnings report comes in

2023-8-24 21:00

Quick Take

The financial world is eagerly awaiting NVIDIA’s Q2 earnings report today, a reflection of the critical role this technology giant plays in influencing the broader market dynamics. With an expected EPS of 2.09 and a projected revenue of $11.08 billion, the stakes are high. According to Bloomberg, the Nasdaq has risen a substantial 36.3% YTD, with NVIDIA contributing significantly to this rally. NVIDIA’s own performance has been stellar, boasting an impressive 220% increase.

The data compiled by Bloomberg also highlights the concentrated influence of a handful of tech behemoths on the Nasdaq’s performance. NVIDIA, along with Microsoft, Apple, Amazon, and Meta, collectively account for two-thirds of all Nasdaq’s 36% gain YTD. This data underscores these tech giants’ sway and the subsequent impact on investor sentiment. As the market braces for NVIDIA’s earnings today, analysts will be focusing on the broader market implications influenced by this concentration of corporate power.

Nasdaq performance: (Source: Bloomberg)

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