💻 NVIDIA's Post-Earnings Slide and Snowflake's Surge Drive Mixed Sentiment for VGT Amid Geopolitical Tensions | Tech Sector Insights
NVIDIA Corporation reported robust third-quarter earnings, with revenue increasing significantly year-over-year. Despite this, concerns about declining gross margins and softer fourth-quarter guidance resulted in a notable stock price drop during after-hours trading.
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Thursday, November 21
VGT [-0.2%]
Vanguard Information Technology ETF (VGT)
NVIDIA Corporation reported robust third-quarter earnings, with revenue increasing significantly year-over-year. Despite this, concerns about declining gross margins and softer fourth-quarter guidance resulted in a notable stock price drop during after-hours trading. This is particularly relevant for the Vanguard Information Technology ETF (VGT), given its substantial holdings in technology stocks. Additionally, geopolitical tensions between Russia and Ukraine have escalated, potentially influencing market sentiment towards tech investments. Among VGT's top contributors, Snowflake Inc. exceeded revenue and earnings expectations, prompting multiple firms to raise their price targets. Salesforce Inc. received positive outlooks due to increased hiring and IT budgets, while Oracle Corp experienced bullish options trading ahead of its upcoming earnings report. Meanwhile, the Dow Jones Index moved up slightly, reflecting broader market sentiment that may also correlate with VGT's recent price change.