Nvidia earnings were monstrous. They weren’t enough to drive a breakout in broader chip sector

Chipmakers couldn't make a meaningful move higher this week. Even after Nvidia posted blockbuster results.

Nvidia earnings were monstrous. They weren’t enough to drive a breakout in broader chip sector

TL;DR

  • Nvidia reported an 85% year-over-year revenue increase for its fiscal second quarter.
  • Despite strong results and guidance, the broader semiconductor sector did not experience a breakout.
  • The State Street SPDR S & P Semiconductor ETF (XSD) and VanEck Semiconductor ETF (SMH) are trading below key moving averages and facing resistance.
  • Nvidia's stock, while up on strong results, has not yet reached its all-time high.
  • Nvidia's performance significantly influences the broader market, as seen when it supported the SPX despite declines in other constituents.