Pre Open US - US Indices 24 Aug 2023

The S&P 500 futures advanced by 0.4%, while Nasdaq 100 futures saw a 1% increase. Following Nvidia's quarterly earnings report that surpassed analyst expectations, Nvidia shares surged by 8%. The company also elevated its guidance, projecting a third-quarter revenue of $16 billion, signifying a remarkable 170% year-over-year rise. This marks Nvidia's second consecutive quarter of surpassing expectations. The initial quarter's impressive results, revealed in May, heightened interest in artificial intelligence, a major market driver in the first half of the year. This increased interest propelled the value of the chip stock to over $1 trillion. Additionally, other chipmakers, like Taiwan Semiconductor, experienced a boost due to this report. Investors are also anticipating insights from Federal Reserve Chair Jerome Powell's comments in Jackson Hole, Wyoming on Friday, which could shed light on the direction of benchmark interest rates.

The Nasdaq is bouncing after coming close to the 14500 level. The short-term selloff is still persistent. The 100MA and also the Fibonacci close to 14400 are making a solid confluence point and the price may face a solid support there.