Wall Street set to bounce back from Wednesday’s slide

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Wall Street

Futures point to a positive open

U.S. stock futures moved higher early Thursday after the major indices closed the previous session with losses, dropping a bit further from their record highs.

As of 5:30 a.m. ET, futures tied to the blue-chip Dow Jones were up 52 points, or 0.14% to 35,919.

S&P 500 futures added 13 points, or 0.28% to 4,699.25 while the tech-heavy Nasdaq 100 futures were up 80 points, or 0.49% to 16,391.50.

On Wednesday, the Dow Jones Industrial Average shed 211.17 points, or 0.6%, to end 35,931.05. The S&P 500 lost 12.23 points, or 0.3%, to finish 4,688.67 while the Nasdaq gave away 52.28 points, or 0.3%, to 15,921.57.

The major economic data to watch today is the initial weekly jobless claims report due at 8:30 a.m. ET.

Analysts project that 260,000 claims were filed in the week ended Nov. 13 compared with 267,000 the previous week.

Nvidia shares rise 6% on strong earnings

On the earnings front, Nvidia (NASDAQ: NVDA) shares are surging after the company posted better-than-anticipated results for its fiscal third-quarter.

The chipmaker reported earnings of $1.17 per share, topping analysts’ estimate of $1.1 per share.

Companywide revenue came in at $7.10 billion, up 50% from $4.73 billion in the same period last year and well above estimates of $6.82 billion.

Revenue from its video-gaming segment jumped 42% year-over-year to $3.2 billion, while its data-center revenue grew 55% to a record $2.94 billion.

For the current, quarter, Nvidia expects revenue of $7.25 billion to $7.55 billion, ahead of estimates of $6.89 billion.

As of writing, NVidia stock was up $20.39, or 6.97% to $313 per share in the premarket trading session Thursday.

Amazon to stop accepting Visa credit cards issued in the UK

Meanwhile, shares of Visa (NYSE: V) will be in focus today after Amazon.com Inc (NASDAQ: AMZN) told customers that will stop accepting UK-issued Visa credit cards due to high fees.

In emails sent to customers on Wednesday, Amazon said the move would take effect from Jan. 19 next year. The online retailer made it clear that Visa debit cards and other credit cards would not be affected by the ban.

Amazon will also exempt Visa credit cards issued outside the United Kingdom. Amazon acknowledged the decision may be inconvenient and urged customers to update their default payment.

Visa stock tumbled following the news to close Wednesday’s regular session at $205.06, down $10.12, or 4.70%.

 

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