1. #Futures Muted
U.S. stock futures were relatively flat on Friday following a dip in major averages on Thursday, despite impressive earnings from #Nvidia (NASDAQ:NVDA). By 03:35 ET (07:35 GMT), the S&P 500 futures, Nasdaq 100 futures, and Dow futures remained largely unchanged. The previous session saw the S&P 500 drop 0.7%, the Nasdaq Composite fall 0.4%, and the Dow Jones Industrial Average decline by 1.5%. Enthusiasm over Nvidia’s #earnings was tempered by data indicating fewer-than-expected jobless claims, suggesting a resilient labor market and potentially delaying Federal Reserve interest rate cuts.
2. #Intuit Shares Slip Amid #TurboTax Concerns
Intuit’s fiscal third-quarter results exceeded analysts’ expectations, but its shares fell in extended trading due to concerns over a decline in free TurboTax users. Intuit reported earnings per share of $9.88 on revenue of $6.74 #billion, surpassing Wall Street estimates. However, TurboTax’s free users dropped by about 1 million compared to the previous year. Analysts are worried that #TurboTax is struggling to attract high-end customers while facing increased competition for lower-end users.
3. #SEC Approves Spot Ether #ETFs
The U.S. Securities and Exchange Commission approved rule changes supporting the creation of exchange-traded funds linked to Ether, potentially leading to the launch of eight such funds. This decision represents progress toward the approval of a spot ETF for trade, with applications from #VanEck, ARK Investment Management, and other issuers now under consideration. Ether prices rose earlier in the week due to speculation about the approval but fell by 2.8% to $3,684.11 on Friday amid profit-taking.
4. #Nvidia Cuts #China AI Chip #Prices
Nvidia has been forced to sell its artificial intelligence chips in China at significant discounts due to competition from local companies, especially Huawei, according to a Reuters report. The company introduced three AI chips specifically for China last year after U.S. #sanctions limited the sale of its most advanced chips. The H20 chip, Nvidia’s most powerful in #China, faced subdued demand and was sold at a discount compared to Huawei’s Ascend 910B chip, which saw more orders from state-backed enterprises following a Beijing mandate to use domestically produced silicon.
5. #Crude Heading for Weekly Losses
Crude prices declined on Friday, heading for substantial weekly losses due to concerns over persistent inflation and high interest rates affecting U.S. #economic activity. By 03:36 ET, U.S. crude futures (#WTI) were down 0.4% to $76.60 per barrel, and Brent crude had decreased 0.3% to $81.13 per barrel. Both contracts were set for weekly losses exceeding 3%, with Brent at a two-month low and WTI at a three-month low. The upcoming #OPEC+ meeting in early June will be closely watched as producers discuss extending voluntary output cuts of 2.2 million barrels per day.
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