Global markets oscillated sharply on Thursday as Nvidia’s earnings euphoria faded and investors reassessed AI valuations and rate-cut expectations. Wall Street reversed strong early gains, Europe advanced modestly on chip strength, and Asia rallied after Nvidia’s results lifted sentiment across semiconductor-heavy markets.
US stocks fell on Thursday after an early rally driven by Nvidia’s blockbuster results quickly lost momentum, as investors reassessed AI valuations and fading expectations for near-term rate cuts. The NASDAQ fell -1.4% after rising as much as +2.5% intraday, while the S&P 500 lost -1.0% and the DOW dropped -0.7%. Nvidia initially gained +5.4% after reporting a strong earnings beat, but the stock later reversed (-2.5%) as profit-taking set in. Walmart rose +5.6% after raising full-year forecasts on robust e-commerce sales and gained further support as investors rotated into defensive names. The September jobs report showed payrolls rose by +119,000, topping expectations, though unemployment edged up to 4.4%. Minutes from the Fed’s latest meeting showed that ‘many’ officials favour keeping rates steady next month. Meanwhile, President Trump joked that he would fire Treasury Secretary Scott Bessent if rates do not come down, and Bitcoin slid -2.0% to its lowest level in seven months, extending the more than US$1 trillion wipeout across the digital-asset world. US Treasury yields eased, with the two-year yield losing -4bp to 3.56% and the 10-year yield dropping -2bp to 4.108%.
European equities closed higher on Thursday, supported by upbeat Nvidia results and optimism around AI-related stocks. The STOXX 600 gained +0.4%, with Germany’s DAX up +0.5%, France’s CAC 40 advancing +0.3%, and the UK’s FTSE 100 rising +0.2%. Semiconductor firms BESI (+0.7%), ASMI (+0.8%), and ASML (+0.4%) rose on Nvidia’s positive report, while Games Workshop Group jumped +13.5% after forecasting higher first-half revenue and profit.
Asian equities rose on Thursday after Nvidia’s blockbuster earnings and upbeat guidance reignited confidence in the AI trade. Japan’s Nikkei 225 surged +2.6%, snapping a four-day losing streak as a weaker yen and reports of a ¥21.3 trillion stimulus plan boosted sentiment, even as bond yields climbed on fiscal concerns. South Korea’s Kospi jumped +1.9%, led by chipmakers Samsung Electronics (+4.3%) and SK Hynix (+1.6%), while Taiwan’s TSMC gained +3.1% as Nvidia’s results lifted global semiconductor sentiment. China’s Shanghai Composite slipped -0.4% after the People’s Bank of China held lending rates unchanged for a sixth month, while Hong Kong’s Hang Seng was little changed amid renewed caution over AI valuations and lingering China–Japan tensions. Australia’s ASX 200 climbed +1.2% as Nvidia’s results boosted regional optimism, with Sonic Healthcare (+6.3%), TechnologyOne (+4.4%), and Fortescue (+4.2%) leading gains. In New Zealand, the NZX 50 advanced +0.8% on strength in SkyCity (+3.7%) and Infratil (+3.5%).
WTI crude fell -0.8% to US$58.97/bbl, gold lost -0.3% to US$4,056.63/oz, and iron ore remained flat at US$104.26/MT.