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Closing Bell 24th August: Nvidia’s Ripple Effect: Australian Tech Stocks Lead Market Rise

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Closing Bell

What's Affecting Markets Today

US PMI Data Give Hope That Fed Will Pause

Today’s economic activity was subdued. US PMI data hinted at a potential Federal Reserve rate pause with Flash Manufacturing PMI at 47.0 (expected 48.9) and Flash Services PMI at 51.0 (expected 52.1). The US 10-year note yield dipped 12 basis points, falling below 5%, reflecting tepid American business growth. Concurrently, the 10-year German rate decreased by 13 basis points due to intensified private-sector contraction in the euro area.

ASX Stocks

ASX 200 -7182.1 +33.7 (0.47%)

Nvidia beats expectations

Nvidia’s stock surged 10% after outperforming sales expectations due to strong AI demand, positively impacting other chipmakers like Advanced Micro Devices and Broadcom. This uplift comes as a relief to the Nasdaq 100, which faced a challenging month. Nvidia’s optimistic outlook on the AI trend, with projected sales of around $US16 billion in the next quarter and an additional $US25 billion stock buyback, underscores the company’s dominance in the AI-driven tech market. CEO Jensen Huang emphasized the growing shift towards Nvidia’s chips and the rise of AI-generated content across industries.

Key Highlights:

The Australian sharemarket opened higher, influenced by positive US economic data and a robust performance from Wall Street, particularly from tech giant Nvidia. While the tech sector led gains, rising 1.1%, Lovisa’s shares dipped despite reporting a 30% sales increase and a 16.7% net profit rise. Qantas shares rose by 2.9% after announcing a record profit and a $500 million shareholder return. In contrast, Insignia and Ramsay Healthcare saw declines after their respective financial reports. Medibank’s shares increased by 3.5% following a 30% boost in annual after-tax profits, while TPG Telecom’s shares grew 3.7%, even after a significant interim profit drop.
 

Earnings Releases:

For more detailed summary click the earnings calendar here.

  • S32: $US173M loss; earnings down 65%.
  • RHC: 3.6% net profit drop to $365.5M.
  • NST: 30% profit increase; 15.5¢ dividend.
  • AIA: Profit drops to $NZ43.2M.
  • QAN: Record $2.5B underlying profit.
  • TPG: 71% profit decline to $48M.
  • SGP: $440M profit; $256M property loss.
  • MPL: $46.4M cyber hit; 30% profit rise.
  • WHC: Record $2.66B profit; 42¢ dividend.
  • CWY: 71% profit slide; 13.9% revenue rise.
  • QUB: 32% profit rise to $167.9M.
  • NEC: 21% dividend cut; $2.69B revenue.
  • TAH: $66.5M profit post-demerger.
  • LOV: 30% sales rise to $596.4M.
  • IFL: 15% profit drop to $191M.
  • JDO: $73.4M net profit.
  • RPL: $13.1M interim profit.

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