Asian stocks are likely to follow U.S. stocks lower on Thursday, according to Bloomberg, as Nvidia's earnings report is affected. Nvidia is a major beneficiary of AI data center upgrades, and its sales forecast has become a barometer of the spending boom. Chipmakers in South Korea, Taiwan and Japan are likely to bear the brunt of Thursday's trading. Investors will pay close attention to the performance of Chinese stocks. In addition, Chinese food delivery service company Meituan announced its quarterly results. Nippon Steel Corporation also released its earnings report.
Despite market dissatisfaction with Nvidia's earnings report, its second-quarter revenue doubled to $30 billion and it authorized an additional $50 billion in stock buybacks. Later Thursday, investors will focus on key U.S. data, including growth readings, personal consumption and weekly unemployment claims, to determine whether the Federal Reserve will quickly ease policy. In commodities, oil prices fell for the third consecutive day, approaching $74 a barrel.
