Wall Street Edges Higher Amid Nvidia Forecasts and Strong Economic Data

Wall Street's main indexes are set to open higher following Nvidia's revenue forecast and indicators of a robust U.S. economy. Despite Nvidia's forecast indicating slower growth, tech giants like Microsoft and Amazon witnessed gains. Meanwhile, the U.S. economy grew at a fast 3.0% annualized rate in Q2 2023.

Wall Street's main indexes prepared to open slightly higher on Thursday after AI chip firm Nvidia's largely in-line forecast alongside data that indicated the U.S. economy remains robust.

Nvidia's shares were down 3.1% in premarket trading, despite a positive Q2 result overshadowed by a cautious revenue forecast. Andersen Capital Management's Peter Andersen noted mixed investor sentiment due to the forecast.

Despite Nvidia's dip, gains in its major customers like Microsoft, Meta, Alphabet, and Amazon buoyed the market. By 08:45 a.m. ET, key index futures showed slight gains. Additionally, signs of robust economic growth and potential interest rate cuts further supported market optimism.