Markets whipsaw after Nvidia earnings

After the close on Wednesday, Nvidia reported a strong top and bottom line beat and offered a rosy forecast. The futures market and Thursday morning traded responded with a sharp rally nearly across the board. However, at noon, markets reversed direction and sank into the close, sinking from green to red. By the closing bell on Thursday, the S&P shed over 100 points or 1.55%, the Dow slipped 0.84% while the Nasdaq tumbled almost 500 points or 2.15% in heavy selling. Nvidia itself ended the day -3.15%, followed by Tesla at -2.15%, Intel -4.24%, and Jacobs Solutions -10.95 though Walmart jumped 6.46% after reporting. Cryptos also had a rough session. Bitcoin plunged US$3,500 to US$87,000. The U.S. 10-year yield inched down to 4.088%.

The TSX didn’t escape the carnage, sinking 1.18% to close below 30,000. Staples was the only positive sector, while materials and tech saw the heaviest losses. Key names on Bay Street included Barrick Gold at -4.3%, Energy Fuels -14.61%, Lundin Gold -8.42%, B2Gold -3.94% and Celestica -9.5%. Gold held around US$4,078 while WTI slipped 0.5% to US$59.15.

💾 NVIDIA Corporation (NVDA-Q) -3.15%

🚗 Tesla Inc (TSLA-Q) -2.15%

💾 Intel (INTC-Q) -4.24%

💾 Jacobs Solutions (J-N) -10.95%

🛒 Walmart Inc (WMT-N) +6.46%

🥇 Barrick Gold Corp (ABX-N) -4.3%

🛢 Energy Fuels Inc. (EFR-T) -14.61%

🥇 Lundin Gold Inc. (LUG-T) -8.42%

🥇 B2Gold Corp. (BTO-T) -3.94%

🧬 Celestica Inc (CLS-T) -9.5%