5 Things to Know Before Markets Open

News of the day for August 24, 2023


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Nvidia shares surged after the chipmaker gave a higher-than-expected revenue forecast on rising demand for AI, and shares of software maker Splunk jumped after it narrowed losses on higher AI revenue. Here’s what investors need to know today.

1. Nvidia Shares Surge as Chipmaker Projects Higher Sales on AI

Nvidia (NVDA) said that surging interest in artificial intelligence (AI) generated second-quarter sales of $13.5 billion, better than the company’s guidance of $11 billion, and leading Nvidia to forecast third-quarter sales of $16 billion, beating analyst estimates of $12.6 billion. Shares were 8% higher in pre-market trading after its release.

2. Software Maker Splunk Credits AI in Higher Revenue, Narrower Losses

Shares of software company Splunk (SPLK) jumped 14% in pre-market trading after it reported narrower losses than anticipated at $0.38 a share compared to the $0.46 a share that analysts expected. The company said AI integration helped strengthen sales in digital resilience and security products and increase its quarterly revenue 14% year-over-year to $910.6 million, up from $798.7 million.

3. Shares of Boeing, Spirit AeroSystems Drop on Delivery Delay

Boeing (BA) shares dropped 2% in pre-market trading after it found a quality problem from supplier Spirit AeroSystems (SPR) over improperly drilled holes for a part on its 737 MAX aircraft. The defect will delay near-term deliveries this year, threatening its target of at least 400 aircraft, as the aircraft maker again faces a production delay after a problem with a Spirit part in April. Shares of Spirit fell more than 6% in pre-market trading.

4. Enterprise Software Vendor Snowflake Narrows Losses on AI Sales

Shares of software maker Snowflake (SNOW) rose 3.6% in pre-market trading after it kept its outlook for full-year revenue steady at $2.6 billion, citing improved sales on AI and machine learning in its enterprise data operations, breaking the pattern of lowering its revenue forecasts. The company reported a second-quarter net loss of $0.69 a share, compared with $0.70 a share from the same period a year ago.

5. Jobless Claims Expected to Tick Higher

Initial jobless claims for the week ending Aug. 19 are expected to move up to 240,000 from 239,000 the prior week, when that data is released at 8:30 a.m. ET, while durable-goods orders for July are projected to drop 4.1% following last month’s 4.6% increase. Also today, Federal Reserve officials will begin to give interviews from the Jackson Hole Economic Symposium at 10 a.m. ET., ahead of Jerome Powell’s speech tomorrow morning.

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  1. Barron’s. “Nvidia Scored on Earnings Again. Where the Stock Is Going.

  2. MarketWatch. “Splunk's stock jumps 12% on strong quarterly revenue, guidance.”

  3. Reuters. “New Boeing 737 MAX supplier defect to delay aircraft deliveries.”

  4. MarketWatch. “Snowflake stock gains as company sees 'signs of stabilization but not recovery.”

  5. MarketWatch. “U.S. Economic Calendar.”

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