Nasdaq futures boosted by tech demand, Nvidia earnings

[November 18, 2021]  By Ambar Warrick and Devik Jain

(Reuters) - Nasdaq futures rose sharply on Thursday as chipmaker Nvidia rallied on strong third-quarter earnings, while S&P and Dow premarket indicators showed a mild recovery from inflation-related losses sustained this week.

Nvidia shares jumped 6.7% in premarket trade after the company beat quarterly estimates and forecast strong fourth-quarter revenue, expecting to benefit from growth in its data center business and investments in the metaverse.

Other chipmaker stocks including Advanced Micro Devices Inc and Qualcomm Inc rose 2.1% and 0.9%.

Broader technology stocks also rose as investors sought sectors less exposed to rising inflation and supply chain issues.

Ecommerce platform Amazon.com led gains among FAANG stocks, rising 0.5%.

The three major Wall Street indexes fell on Wednesday as investors fretted over rising price pressures in the country.

At 6:12 a.m. ET, Dow e-minis were up 59 points, or 0.16%. S&P 500 e-minis were up 13 points, or 0.28% and Nasdaq 100 e-minis were up 80.75 points, or 0.5%.

 People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo

Among other premarket movers, Boeing Co rose 2.1% after Virgin Australia said it would add seven more 737 NG planes to its fleet, and as J.P. Morgan upgraded the planemaker's stock to "overweight" from "neutral".

Cisco Systems Inc fell 7% after the network gear maker forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs.

Kraft Heinz dipped 2.1% after the packaged food maker announced a secondary share offering.

U.S.-listed shares of Singapore-based Maxeon Solar Technologies fell 8.6% as the solar technology company forecast dismal fourth-quarter revenue after posting downbeat quarterly earnings.

(Reporting by Ambar Warrick in Bengaluru; Editing by Maju Samue

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