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Traders have priced in a 73% chance of the U.S. central bank holding interest rates at the current 5%-5.25% range during its monetary policy meeting on June 13-14, according to CMEGroup's Fedwatch tool. "Today's data in terms of higher claims shows that the Fed policy is having a clear effect," said David Russell, vice president of Market Intelligence at TradeStation. The CBOE Volatility index (.VIX), also known as Wall Street's fear gauge, dropped to a fresh pre-pandemic low of 13.73. The U.S. Labor Department is due to release inflation data on June 13, the first day of the Fed meeting. The S&P index recorded six new 52-week highs and two new lows, while the Nasdaq recorded 38 new highs and 29 new lows.

Persons: David Russell, Wells, Ryan Cohen, Piper Sandler, Zhu Jiang, Sruthi Shankar, Shristi, Vinay Dwivedi Organizations: GameStop, Dow, Nasdaq, Treasury, Traders, Market Intelligence, Fed, Nvidia Corp, Apple Inc, Tesla Inc, GameStop Corp, U.S . Labor Department, Bank of Canada, BoC, Dow Jones, Adobe, Lucid, NYSE, Thomson Locations: Wells, U.S, Wells Fargo, China, Bengaluru

NEW YORK, June 7 (Reuters) - U.S. investor Stanley Druckenmiller, chairman and Chief Executive Officer at Duquesne Family Office, said on Wednesday that he still expects a hard landing for the U.S. economy, as inflation persists, but offered a positive outlook for Nvidia. Still, the investor is bullish on artificial intelligence, mainly on chipmaker Nvidia Corp (NVDA.O). "Unlike crypto I think AI is real," he said. "If it's as big as I think it is, Nvidia is something we're going to want to own for at least two or three years. Reporting by Carolina Mandl and Davide Barbuscia in New YorkOur Standards: The Thomson Reuters Trust Principles.

Persons: Stanley Druckenmiller, Carolina Mandl, Davide Barbuscia Organizations: YORK, Duquesne Family Office, Nvidia, Bloomberg, Nvidia Corp, Thomson Locations: U.S, New York

The S&P 500 on Friday closed at its highest level in over nine months after a report showed that wage growth moderated in May. The S&P 500 declined 0.20% to end the session at 4,273.79 points. Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 0.71%, followed by a 0.58% loss in energy (.SPNY). Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 17 new highs and four new lows; the Nasdaq recorded 90 new highs and 54 new lows.

Persons: Tim Ghriskey, Ingalls, Snyder, Sruthi Shankar, Shristi, Noel Randewich, Marguerita Choy Organizations: Alto Networks, Nasdaq, Dow, U.S . Federal, Apple, Apple Inc, Pro, Nvidia Corp, Tesla Inc, Nvidia, Microsoft Corp, Institute for Supply Management, Fed, Traders, Dow Jones, Palo Alto Networks, Dish Network Corp, Big, Wall Street Journal, Thomson Locations: China, U.S, New York, Palo, Big U.S, Bengaluru, Oakland, Calif

☆ Morgan Stanley sees slump in US earnings in 2023, sharp rebound next year
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Morgan Stanley warns of a 16% drop in profit for S&P 500 companies this year, followed by a sharp rebound in 2024 when analysts say the Federal Reserve's policy will become more accommodative. Strategists led by Michael Wilson said in a note on Monday that they expect earnings to rebound sharply, with a 23% jump next year. The Wall Street bank warned that the EPS of S&P companies could slip to $185 from $195 in 2023 before recovering to $239 next year. Morgan Stanley predicted the index to rebound to 4,200 levels in 2024 while keeping its 2023-end target unchanged at 3,900. A slew of positive news, with expectations of a Fed pivot, persistent improvement in liquidity, and AI-related tailwinds to mega-cap names such as Nvidia Corp (NVDA.O), have buoyed indexes so far, Morgan Stanley said.

Persons: Morgan Stanley, Michael Wilson, Wilson, Roshan Abraham, Dhanya Ann Thoppil Organizations: Nvidia Corp, Thomson Locations: Bengaluru

☆ Intel to sell $1.5 bln stake in Mobileye
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Intel Corp (INTC.O) is offering 35 million shares of Class A common stock, or about a $1.5 billion stake, in Mobileye Global Inc (MBLY.O), according to a regulatory filing on Monday. After the offering, Intel's voting share in the self-driving technology company will come down to about 98.7% from the 99.3% it currently holds. Shares of the Jerusalem, Israel-based Mobileye fell over 4% to $40.55 in extended trading. Mobileye, which counts BMW (BMWG.DE), Nissan (7201.T) and Volkswagen (VOWG_p.DE), among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering. Goldman Sachs & Co and Morgan Stanley are acting as joint book-running managers for the share sale, the company said.

Persons: Mobileye, Goldman Sachs, Morgan Stanley, Bhanvi, Pooja Desai Organizations: Intel Corp, Mobileye Global Inc, Nvidia Corp, Qualcomm Inc, BMW, Nissan, Volkswagen, Nasdaq, Goldman Sachs & Co, Thomson Locations: Jerusalem, Israel, Bengaluru

Rubrik may raise more than $750 million in its IPO, three of the sources added, though that may change based on market conditions as the preparations are still at an early stage. Rubrik currently generates annual recurring revenue of about $600 million, one of the sources said. Three of the sources said Rubrik could choose to go public in 2024, if the IPO market becomes more welcoming. Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software. SoftBank-backed Cohesity Inc, which competes with Rubrik, is also preparing to go public, having filed confidentially for an IPO in late 2021, Reuters reported.

Persons: Goldman Sachs, Rubrik, Bipul Sinha, Johnson, Echo Wang, Milana Vinn, Krystal Hu, Matthew Lewis Organizations: YORK, Microsoft Corp, Barclays Plc, Citigroup Inc, Barclays, Citi, Nvidia Corp, Depot Inc, Bain Capital Ventures, Lightspeed Venture Partners, Kenvue Inc, Johnson, SoftBank Group Corp, Inc, Reuters, Cohesity Inc, Thomson Locations: U.S, Palo Alto , California, ., New York

☆ Home buyers are facing the least affordable market on record
▼ + stars: | 2023-06-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Joe Raedle / Getty ImagesEdward Seiler is the associate vice president for housing economics at the Mortgage Bankers Association. Phil Rosen: The MBA's Purchase Applications Payment Index just hit a new high in April. For new home buyers, this is the worst situation since the end of the Great Recession. Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition. In his view, monthly payments for first-time buyers are up roughly one-third compared to last year — and that's going to keep buyers on the sidelines and weigh on demand.

Persons: I'm Phil Rosen —, Joe Raedle, Edward Seiler, Phil Rosen, Jen, Hsun Huang, Huang, Kim Kulish, Gregg Fisher, he's, Jensen Huang, It's, There's, Evercore's Mark Mahaney, Meta, shouldn't, David Rosenberg, who's, Larry Pitkowsky, Max Adams Organizations: Mortgage, Association, Twitter, Nvidia Corp, GPU Technology, Nvidia, Treasury Department, Fed, Tech Locations: San Jose , California, New York

"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru

The Senate passed a bill late on Thursday to lift the government's $31.4 trillion debt ceiling, avoiding a catastrophic, first-ever default. The Labor Department's closely watched employment report, due 0830 ET, is expected to still show a tight labor market. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. ET, Dow e-minis were up 185 points, or 0.56%, S&P 500 e-minis were up 21.25 points, or 0.5%, and Nasdaq 100 e-minis were up 63 points, or 0.44%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita Bhattacharjee and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: FEDWATCH, Russ Mould, AJ Bell, Germany's, Shreyashi Sanyal, Nivedita Bhattacharjee, Maju Samuel Organizations: Nike, Broadcom, Dow, Nasdaq, Federal, Fed, Labor, FEDWATCH Reuters, Dow e, Microsoft Corp, Apple Inc, Tesla Inc, Athletica, Dow Jones, Nike Inc, Germany's Adidas, Puma, Broadcom Inc, Nvidia Corp, Nvidia, Thomson Locations: Washington, United States, Europe, Bengaluru

☆ SoftBank shares swept up in AI chip frenzy ahead of Arm IPO
▼ + stars: | 2023-06-02 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

TOKYO, June 2 (Reuters) - SoftBank Group Corp (9984.T) shares jumped 5% in early Friday trade as the technology investor - which is preparing an initial public offering of chip designer Arm - was caught up in a frenzy for semiconductor and artificial intelligence-related stocks. The Japanese conglomerate, which has been hit by the slumping value of its tech portfolio, has seen its shares gain 17% since last week's close. On Friday, SoftBank passed the psychological level of 6,000 yen for the first time since February. "We expressed a view that SBG stock will rally ahead of the ARM IPO later in the year... "He feels that 'finally my time has come'," SoftBank Chief Financial Officer Yoshimitsu Goto told reporters at an earnings briefing last month.

Persons: SoftBank, Jefferies, Atul Goyal, Masayoshi Son, Yoshimitsu Goto, Sam Nussey, Jacqueline Wong, Christopher Cushing Organizations: SoftBank Group Corp, U.S, Nvidia Corp, Semiconductor, ARM, Advantest Corp, Tokyo Electron, Thomson Locations: TOKYO, Philadelphia

☆ Nvidia CEO Jensen Huang may visit Shanghai on June 6 - Shanghai Securities News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, June 2 (Reuters) - Nvidia Corp (NVDA.O) Chief Executive Jensen Huang may visit Shanghai on June 6, the Shanghai Securities News reported on Friday. Nvidia did not immediately respond to a Reuters request for comment. Reporting by Brenda Goh and Albee Zhang; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Jensen Huang, Brenda Goh, Albee Zhang, Shri Navaratnam Organizations: Nvidia Corp, Shanghai, Shanghai Securities, Nvidia, Thomson Locations: SHANGHAI

But China, which bristles at visits to Taiwan by foreign government officials, tends to ignore trips by business executives, who usually keep clear of politics. Dimon will meet bank employees and clients in Taiwan on his visit, said the source, who sought anonymity as the plans were not public, while adding that no meetings were planned with Taiwan officials. As part of his Asia tour, Dimon will also visit South Korea after the Taiwan trip, said the source. But there was no plan for President Tsai Ing-wen to meet Dimon, her office said on Friday. Dimon favours East-West "derisking" rather than decoupling, he told the three-day JPMorgan Global China Summit event in the city on Wednesday.

Persons: Jamie Dimon, Andrew Collier, Dimon, Nvidia Corp's, Jensen Huang, Pat Gelsinger, Dimon's, Ma Ying, Tsai Ing, Chen Jining, Selena Li, Kane Wu, Scott Murdoch, Ben Blanchard, Emily Chan, Mrinmay Dey, Sumeet Chatterjee, Clarence Fernandez Organizations: JPMorgan Chase &, JPMorgan, Orient Capital Research, Bloomberg, Wall, U.S, Nvidia, Intel, Financial, Commission, Shanghai's Communist, JPMorgan Global China, Thomson Locations: Taiwan, China, Taipei, Beijing, Hong Kong, Asia, South Korea, East, United States, Sydney, Bengaluru

☆ Here's our first-quarter earnings report card for every stock in the portfolio
▼ + stars: | 2023-06-02 | by ( Zev Fima | ) www.cnbc.com time to read: +17 min

As a result, about 78% of S & P 500 companies reported better-than-expected earnings results, according to FactSet. Though sales came up short of expectations, earnings, operating margin, and return on capital all notched new record highs in a tough economy. We also saw strong sales of key drug Mounjaro along with positive updates for its potential as a weight loss medication. GE Healthcare (GEHC) reported solid results with its first-quarter earnings release as sales and earnings outpaced expectations. Despite the top-line miss, TJX Companies (TJX) delivered better-than-expected earnings as management demonstrated the ability to diligently control expenses.

Persons: Emerson, Eli Lilly, Strong, Humana, Johnson, Morgan Stanley, Wells Fargo, Wells, Estee Lauder, Locker, Jim Cramer's, Jim Cramer, Jim, Hsun Huang, Patrick T Organizations: Club, Halliburton, HAL, Linde, LIN, Microsoft, Nvidia, Palo Alto Networks, billings, Procter & Gamble, Devices, Caterpillar, Costco, Coterra Energy, Management, GE Healthcare, Honeywell, Johnson, Wynn Resorts, WYNN, Valley Bank . Disney, Natural Resources, Constellation Brands, TJX Companies, Bausch Health, Nike, Jim Cramer's Charitable, CNBC, Nvidia Corp, Mobile, Fallon, Bloomberg, Getty Locations: Washington, North America, United States, Wells, Macau, Asia, Los Angeles , California

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

☆ GQG adds more Nvidia, considers increasing exposure to Adani, says CIO
▼ + stars: | 2023-06-01 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

[1/2] A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. Fort Lauderdale, Florida-based GQG, which manages almost $100 billion in assets, added 8.2 million shares in Nvidia in the first quarter, worth $2.3 billion then, according to a regulatory filing. Since then, Chief Investment Officer Rajiv Jain said in an interview that GQG has "meaningfully increased" its position in Nvidia. Jain also said the asset manager is considering raising its exposure to Adani by participating in capital increases the group announced in May. Reporting by Carolina Mandl, in New YorkOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang NEW, Nvidia Corp's, Rajiv Jain, GQG, Jain, Carolina Mandl Organizations: REUTERS, Nvidia, GQG Partners, Thomson Locations: Taipei, Taiwan, Australia, Fort Lauderdale , Florida, New York

☆ Nvidia runaway winner in market cap addition in May
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Nvidia Corp's market capitalisation jumped the most in May among the top 20 global companies by market value, adding $248 billion, with a majority of the gains coming in the last four sessions, according to Refinitiv data. Reuters GraphicsTaiwan Semiconductor Manufacturing Co Ltd (2330.TW), a key manufacturer of Nvidia's chips, also saw a big jump in its market cap last month. Saudi Arabian Oil (2222.SE) and Exxon Mobil Corp (XOM.N) were the biggest losers in terms of market cap, hit by a decline in oil prices last month. Reuters GraphicsApple and Microsoft led the list with the highest market capitalisation in the world. Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: chipmaker, Patturaja Murugaboopathy, Gaurav Dogra, Sriraj Organizations: Nvidia, Reuters Graphics Taiwan Semiconductor Manufacturing Co, Oil, Exxon Mobil Corp, Reuters Graphics Apple, Microsoft, Thomson Locations: Saudi, Bengaluru

☆ Nvidia CEO feels safe relying heavily on Taiwan manufacturing
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

TAIPEI, June 1 (Reuters) - Nvidia Corp (NVDA.O), a major supplier of chips and computing systems for artificial intelligence, feels "perfectly safe" about relying heavily on Taiwan for manufacturing, its chief executive Jensen Huang said on Thursday. Huang, speaking on the sidelines of a technology event in Taipei, said he planned to meet executives from chip manufacturer Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) and electronics maker Foxconn (2317.TW) on Friday. He had not yet decided if he would visit China after his Taiwan trip, he added. Huang said Nvidia, the world's most valuable listed semiconductor company, had a lot of "diversity" and "resilience" built into its supply chain and described TSMC's process of diversifying in different geographies as an excellent strategy. Reporting by Ben Blanchard; Editing by Anne Marie Roantree, Jacqueline Wong and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Jensen Huang, Huang, selfies, Ben Blanchard, Anne Marie Roantree, Jacqueline Wong, Christina Fincher Organizations: Nvidia Corp, Taiwan Semiconductor Manufacturing Co, Nvidia, Thomson Locations: TAIPEI, Taiwan, Taipei, China, U.S

☆ Microsoft inks computing infra deal with CoreWeave - CNBC
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Microsoft Corp (MSFT.O) may spend billions of dollars over multiple years on computing infrastructure from start-up CoreWeave, CNBC reported on Thursday, citing people familiar with the matter. The Windows maker had signed the CoreWeave deal earlier this year in order to ensure that OpenAI, which operates the viral ChatGPT chatbot, will have adequate computing power, according to the report. Microsoft declined to comment, while CoreWeave did not immediately respond to Reuters' request for a comment. CoreWeave, valued at $2 billion and which counts Nvidia Corp (NVDA.O) among its investors, has raised more than $400 million over the last two months. New York-based CoreWeave specializes in providing cloud computing services based on graphics processing units, the category of chip pioneered by Nvidia that has become central to artificial intelligence services like OpenAI's ChatGPT.

Persons: CoreWeave, Yuvraj Malik, Shilpi Majumdar Organizations: Microsoft Corp, CNBC, Microsoft, Reuters, Nvidia Corp, Nvidia, Thomson Locations: New York, Bengaluru

☆ GQG adds more Nvidia as chipmaker has a 'new leg', says CIO
▼ + stars: | 2023-06-01 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

Fort Lauderdale, Florida-based GQG, which manages almost $100 billion in assets, added 8.2 million shares in Nvidia in the first quarter, worth $2.3 billion then, according to a regulatory filing. Since then, GQG has "meaningfully increased" its position in Nvidia, Chief Investment Officer Rajiv Jain said in an interview. The chipmaker is likely to give a boost to funds which have invested in it, as Nvidia's shares have more than doubled year to date amid an artificial intelligence boom. Two years ago, concerned about the company's high valuation, GQG had dumped all its Nvidia's shares, just to invest again in the first quarter. "Now Nvidia has gotten a new leg because of the ChatGPT-lead, AI narrative, which is very strong," said Jain, explaining his decision to reinvest.

Persons: Nvidia Corp's, GQG, Rajiv Jain, Jain, Adani, “ There's, Carolina Mandl, Susan Fenton Organizations: YORK, Nvidia, GQG Partners, Adani, Energy, Bloomberg, Thomson Locations: Australia, Fort Lauderdale , Florida, India, Adani, U.S

☆ Broadcom forecasts third-quarter revenue above estimates on AI boost
▼ + stars: | 2023-06-01 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Broadcom Inc (AVGO.O) forecast third-quarter revenue above market estimates on Thursday, as it benefits from massive corporate investments in AI-related technologies. Broadcom Chief Executive Hock Tan said generative AI could account for more than 25% of the company's semiconductor revenue in 2024. Broadcom supplies chips used in data centers for networking and specialized chips that speed up AI work. It released a new chip for wiring together supercomputers for AI work using networking technology in April. Broadcom forecast current-quarter revenue of about $8.85 billion, while analysts polled by Refinitiv are expecting revenue of $8.72 billion.

Persons: ChatGPT, Hock Tan, Tan, Kinngai Chan, Refinitiv, Chavi Mehta, Tiyashi Datta, Anil D'Silva Organizations: Broadcom Inc, Broadcom, Nvidia, Nvidia Corp, Revenue, Thomson Locations: San Jose , California, Bengaluru

The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.

Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru

[1/2] Fearless Girl is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. The S&P 500 was set to end the month flat, while the Dow shed 3.8%. The S&P 500 financial sector index (.SPSY) fell 1.7%, while banks (.SPXBK) dropped 2.7%. Advance Auto Parts Inc (AAP.N) plunged 33.9%, falling the most on the S&P 500, after the auto parts retailer cut its full-year forecasts. Declining issues outnumbered advancers for a 2.21-to-1 ratio on the NYSE and for a 2.02-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Joe Saluzzi, Phil Blancato, Nvidia Corp's, advancers, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Senate, Themis, Labor, Survey, Traders, Asset Management, Dow Jones, Technology, Federal Deposit Insurance Corporation, Advance, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Intel shares jump as chipmaker sees second-quarter revenue at upper end of outlook
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - Shares of Intel Corp (INTC.O) rose about 5% after the chipmaker's finance chief said on Wednesday that the company is on track to hit the upper end of its second-quarter revenue forecast. Semiconductor stocks have rallied over the past week after gaming and AI chip company Nvidia Corp (NVDA.O) forecast quarterly revenue that stunned Wall Street, with the firm betting on the rapid adoption of AI tools. "We're going to track at $12 billion to $12.5 billion as we close out the second quarter," Intel CFO David Zinsner said at the TD Cowen conference. The company's previous outlook in April was of revenue between $11.5 billion and $12.5 billion. Intel will be able to ride the AI wave as its foundry services could provide wafers to customers that have products for the AI market, Zinsner said.

Persons: David Zinsner, Cowen, Zinsner, Akash Sriram, Shounak Dasgupta Organizations: Intel Corp, Semiconductor, Nvidia Corp, Intel, Thomson Locations: Bengaluru

☆ Nvidia rally: Retail investors stay out on growing slowdown worries
▼ + stars: | 2023-05-31 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - The rally in the shares of Nvidia Corp (NVDA.O) that briefly propelled its market value to the trillion-dollar club saw little participation by retail traders, data showed, the latest sign they were turning cautious due to growing recession fears. Retail buying in Nvidia shares on an average nearly halved to $27.9 million in May compared to February, Vanda Research data showed, even as it remained the fourth most-traded stock by individual investors. After a record net buying in U.S. stocks the first quarter, retail investors have largely remained on the sidelines amid stresses in the banking sector and signs of an economic slowdown. The total value of the stock traded by retail investors surged to $2.5 billion last Thursday, but still net purchases remained marginal at $43 million, Vanda Research said. J.P.Morgan data showed Nvidia was the third most traded stock by retail investors but the buy and sell orders were nearly even, indicating lower retail interest than in the first quarter.

Persons: Lucas Mantle, Mantle, Tesla, Morgan, Vanda, Medha Singh, Vansh Agarwal, Lance Tupper, Arun Koyyur Organizations: Nvidia Corp, Vanda Research, Retail, Nvidia, U.S, Thomson Locations: Bengaluru

The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru

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