NVDA - Why Nvidia Stock Is Gaining in a Volatile Market Today
2024-07-25 15:38:08 ET
Nvidia (NASDAQ: NVDA) stock is moving higher despite a turbulent start Thursday. The company's share price was up 1.1% as of 2:10 p.m. ET, according to data from S&P Global Market Intelligence .
The stock opened today's daily trading session down as much as 7% as concerns about geopolitical risk factors and earnings misses for Alphabet and Tesla continued to drag on the stock. But Nvidia shareholders got some welcome good news in the form of better-than-expected U.S. economic data, and the artificial intelligence ( AI ) leader's share price has rebounded.
According to the Department of Commerce, U.S. gross domestic product (GDP) is estimated to have grown 2.8% year over year in the second quarter. That growth came in far better than the average economist target for growth of 1.9%. Prior to the new data, Nvidia stock looked poised for another day of big sell-offs.
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Why Nvidia Stock Is Gaining in a Volatile Market Today