Why Nvidia Stock Is Gaining Today
Nvidia (NASDAQ: NVDA) stock is moving higher in Wednesday's trading despite volatility. The company's share price was up roughly 1% as of 2:15 p.m. ET, according to data from S&P Global Market Intelligence. Earlier in the day's session, it had been up as much as 4.9% and down as much as 3.6%.
Nvidia's stock gains today come on the heels of yesterday's big sell-offs triggered by macroeconomic fears. While rebound momentum could be a significant factor in the valuation increase, news that one of the company's rivals is failing to match its processing performance is also helping to push the stock higher.
Nvidia stock got rocked yesterday as investors weighed underwhelming U.S. manufacturing data and concerns the Labor Department will release disappointing jobs numbers on Friday. While it now seems clear that the Federal Reserve will deliver a substantial interest rate cut at its meeting this month, investors are no longer confident it will provide enough of a bullish catalyst to send the market higher. Instead, concerns that the U.S. economy is heading for recession took center stage yesterday.
Source Fool.com
