Nvidia shares tumbled on Thursday after a less-than-stellar forecast the previous day, dragging down the Nasdaq Composite, while the Dow Jones posted a record high on the back of reassuring economic data.
The AI chip maker had fallen by 6.38 per cent to $117.59 a share when trading closed in the US, coming after Nvidia's third-quarter forecast failed to match investors' high expectations.
The slide weighed on the Nasdaq Composite, which fell 0.23 per cent. The S&P 500 ended the day nearly unchanged, down 0.22 points.
Nvidia beat estimates when it reported its quarterly revenue forecast on Wednesday, but not by a sufficiently comfortable margin for investors.
Nvidia expects revenue of $32.5 billion next quarter, plus or minus two per cent. That beat the average estimation of $31.77 billion, but did not reach the highest projections of $37.9 billion.
“Everybody is pretty used to seeing phenomenal results,” Peter Andersen, founder of Andersen Capital Management, told The National on Wednesday.
Meanwhile, the Dow hit a record coming off strong economic data. The blue-chip index closed at 41,335.05 after rising 243.65 points – or 0.59 per cent – during trading.
The Commerce Department said the economy grew at a 3 per cent pace last quarter, upwardly revising its previous 2.8 per cent estimate.
The department said the growth was fuelled by strong consumer spending and business investment.
Consumer spending grew at a 2.9 per cent annualised rate last quarter. Business investment grew at a 7.5 per cent annualised rate, with equipment spending expanding by 10.8 per cent.
A separate report from the Labour Department showed the number of jobless claims are stabilising, Oxford Economics wrote to clients. Initial benefit claims fell 2,000 for the week ending August 24.
After a week dominated by Nvidia and AI, attention shifts back to the US inflation picture with the Federal Reserve's preferred metric due to be released on Friday.
The Personal Consumption Expenditures Price Index is expected to rise from its current rate of 2.5 per cent year on year to 2.6 per cent, according to economists surveyed by FactSet.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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Company%20Profile
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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