Tel Aviv Stock Exchange to Open Amid Nvidia Turmoil and Asian Market Fluctuations
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange is set to open Thursday amid significant volatility in Nvidia stock, which fell sharply after reports of potential CEO ouster. Asian markets were mixed, and US futures indicated a weaker opening. On Wednesday, the TA-35 index closed down, with banks showing weakness. Several Israeli companies, including Delta Galil, Tower Semiconductor, and Nayax, released financial results and updates impacting their stock performance.
The story in 5 lines · by baba
- Tel Aviv Stock Exchange to trade amid Nvidia's potential CEO ouster and stock plunge.
- Nvidia stock dropped 8.6% after market close due to Wall Street Journal report.
- Asian markets showed mixed results, while US futures pointed to a lower opening.
- Tel Aviv's TA-35 index closed down 1.02% on Wednesday, with bank stocks declining.
- Israeli companies Delta Galil, Tower Semiconductor, and Nayax released financial updates.
The Tel Aviv Stock Exchange is expected to trade on Thursday influenced by significant turmoil surrounding chip giant Nvidia. Reports suggest the company is preparing to oust its CEO, Jensen Huang, following a Wall Street Journal article alleging a potential affair and the board's intention to remove him. This news caused Nvidia's stock to plummet 8.6% after the market close on Wall Street, despite a general rise in major US indices like the Nasdaq, S&P 500, and Dow Jones, which saw gains of 1.6%, 1.3%, and 0.5% respectively.
Asian markets showed mixed performance, with Japan's Nikkei down 0.1%, Hong Kong's Hang Seng off 0.9%, and Taiwan's Taiex declining 1.2%. Shanghai, however, rose 0.2%, and South Korea's Kospi remained largely unchanged. US stock futures also indicated a downturn, with Nasdaq 100 futures falling about 1% and S&P 500 futures down 0.3%.
On the Tel Aviv exchange itself, the TA-35 index closed down 1.02% and the TA-125 index fell 0.64% on Wednesday, while the TA-90 index gained 0.71%. Banking stocks were notably weak. Investors will be watching to see if pressure on bank shares continues and if Israeli dual-listed stocks can maintain their gains against the backdrop of declining tech futures.
Several Israeli companies released financial updates. Delta Galil reported $599.6 million in sales for the past year, up from $539 million previously, and an increase in operating profit. Tower Semiconductor saw its stock rise in Tel Aviv and significantly on Nasdaq, buoyed by a strong forecast earlier in the month. Nayax reported revenue growth of 23% but a shift to a net loss, though its sales forecast was raised due to an acquisition. The Tel Aviv Stock Exchange's own stock fell sharply despite a reported 37% increase in net profit, with trading volume on Thursday expected to indicate if selling pressure persists.
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