Devik Jain & Ambar Warrick

(Reuters) – Nasdaq futures rose sharply on Thursday as chipmaker Nvidia (NASDAQ:) rallied on strong third-quarter earnings, while S&P and Dow premarket indicators showed a mild recovery from inflation-related losses sustained this week.

Nvidia shares surged 6.7% during premarket trade following the beating of quarterly estimates. Nvidia forecast strong fourth-quarter revenues and expectations. Nvidia expects to profit from the growth of its metaverse business and investment in data centers.

Other stocks of chipmakers, such as Advanced Micro Devices Inc (NASDAQ) Inc or Qualcomm (NASDAQ) Inc, also rose 2.1% and 0.9% respectively.

Investors sought out sectors less vulnerable to supply chain and rising inflation, which led to broadening of technology stocks.

Amazon.com (NASDAQ) led the gains of FAANG stocks by increasing 0.5%.

Wall Street’s three main indexes all fell Wednesday due to investors worried over the rising cost of living.

6:12 a.m. ET were up 59 point, or 0.16 percent. 13 points (0.28%) were higher and 80.75 were more, which is 0.5%.

Boeing (NYSE) Co rose 2.1%, among other premarket movers. This was after Virgin Australia announced it would add seven more 737 NG airplanes to its fleet. J.P. Morgan also upgraded Boeing’s stock from neutral to “overweight”.

Cisco Systems Inc (NASDAQ 🙂 plunged 7% as the network gear manufacturer saw current-quarter revenues fall below its expectations. Supply chain delays and shortages drive up costs, causing Cisco Systems Inc to drop 7%.

Kraft Heinz (NASDAQ) fell 2.1% following an announcement by the packaging food manufacturer about a secondary offering.

U.S. listed shares of Maxeon Solar Technologies, based in Singapore, fell 8.6% after the company posted disappointing quarterly results.