Nvidia Earnings Loom After Mag 7 Delivers Mixed Results

Investor attention is now pivoting to Nvidia following a week of significant earnings reports from the Magnificent 7 companies. Amazon.com and Apple both announced results that surpassed Wall Street's expectations, with Amazon's shares rising in late trading and Apple's stock showing the strongest performance among the group year-to-date. Apple's services revenue for the quarter totaled $30.74 billion, an increase from the previous year but below analyst forecasts. However, gross margins received a boost of approximately 2 percentage points from tariff refunds, and earnings per share benefited by $0.11 due to the same refunds.

Earlier in the week, Microsoft and Meta also released their quarterly figures. Microsoft's shares surged over 15% today following an impressive earnings report, while Meta experienced an approximate 8% decline. Tesla and Alphabet had previously reported their earnings. Investors are also continuing to digest the recent Federal Reserve meeting, where interest rates were held steady, and the commitment to combating inflation was reiterated. Nvidia is scheduled to report its earnings in late August, becoming the next focal point for market watchers.