U.S. equities this week were driven by NVIDIA's earnings beat, while the Federal Reserve's cautious stance revived expectations of further rate hikes. WiseTech's substantial revenue growth drew little market reaction, while a number of ASX companies also reported earnings that fell short of expectations on the profit front.
U.S. equities posted modest gains into the weekend, with the S&P 500 up 0.49%, the Nasdaq Composite up 0.85% and the Dow up 0.53%. The overall assessment was that robust corporate earnings offset the Federal Reserve's hawkish stance.
NVIDIA was the main focus, reporting revenue of $96.2 billion, up 106% year on year. The data center division made a substantial contribution, and full-year guidance was set at approximately $108.0 billion (±2%), although the outlook excluded data center demand from China.
The impact on Marvell and other semiconductor stocks was also reported, and following NVIDIA's results, the market's focus broadened to margins and the company's future outlook. Marvell Technology's revenue exceeded expectations, but its share price reaction was muted.
In Australia, WiseTech Global reported FY26 revenue of approximately US$1.396 billion, up 79% year on year, but its shares fell after profit came in below market expectations. Boss Energy turned profitable, but concerns over the risks associated with transitioning to mining operations limited its upside. The various factors surrounding WiseTech weighed heavily on market sentiment.
The weekly trend was shaped by markets assessing the FOMC's direction following remarks at Jackson Hole, with the release of macroeconomic data during the month becoming the market's focus. Views were also expressed that perceptions of memory costs and margins would continue to be sources of pressure on the market.