Stocks Higher After String of Losses

The S&P 500 is rising after falling the past four sessions as equites have shown some volatility amid festering uncertainty regarding the ultimate economic impact of aggressive global central bank tightening. The markets are higher even as yesterday's minutes from the Fed's February monetary policy meeting suggested the Central Bank may need to continue its rate hike campaign to try to tame inflation. In economic news, jobless claims came in below expectations, and Q4 GDP growth was unexpectedly revised lower and the inflation components came in well above estimates. Treasury yields have turned modestly lower in choppy trading and the U.S. dollar is dipping, while crude oil prices are stabilizing after a string of losses and gold is moving to the downside. Q4 earnings season continues down the home stretch, with Nvidia Corporation rallying after topping estimates and offering upbeat Q1 revenue guidance. Elsewhere, eBay matched earnings forecasts but its outlook is garnering scrutiny, and Domino's Pizza is falling after missing revenue forecasts and adjusting its guidance lower. Asia finished mostly lower, though Japan was closed for a holiday, and Europe is mostly higher with the global markets also grappling with the outlook for monetary policies.

At 10:30 a.m. ET, the Dow Jones Industrial Average is up 0.4%, while the S&P 500 Index and the Nasdaq Composite are rising 0.6%. WTI crude oil is rising $1.95 to $75.90 per barrel, and Brent crude oil is gaining $1.61 at $82.06 per barrel. The gold spot price is declining $9.80 to $1,831.90 per ounce, and the Dollar Index is dipping 0.1% to 104.49.

Nvidia Corporation (NVDA $237) reported adjusted Q4 earnings-per-share (EPS) of $0.88, above the $0.81 FactSet estimate, as revenues declined 21.0% year-over-year (y/y) to $6.05 billion, versus the Street's forecast of $6.02 billion. Revenues were up 2.0% compared to the prior quarter. The chip company saw sluggish performance in its PC markets, and noted a recovering gaming market, while touting its outlook for its artificial intelligence initiative, and reporting strength out of its data center unit. NVDA issued Q1 revenue guidance with a midpoint above expectations. Shares are rallying over 10.0%.

eBay Inc. (EBAY $45) posted adjusted Q4 EPS of $1.07, matching estimates, with revenues declining 4.0% y/y to $2.51 billion, compared to the forecasted $2.47 billion, with gross merchandise volume (GMV) coming in at $18.2 billion, down 12.0% y/y. The company said its Q4 results demonstrate the continued resiliency of its marketplace amid economic uncertainty. EBAY issued Q1 revenue guidance with a midpoint that was above estimates, while its EPS outlook was mostly in line with expectations. Shares are trading solidly lower as the Street appears unimpressed by its outlook for sales. Separately, the company increased its quarterly dividend by about 14.0% to $0.25 per share.

Domino's Pizza Inc. (DPZ $311) announced Q4 earnings of $4.43 per share, including a gain resulting from store sales in 2022 that added an incremental $0.46 per share, making it unclear if its Q4 EPS result is comparable to the projected $4.25. Revenues rose 3.6% y/y to $1.39 billion, missing the estimated $1.44 billion. The company lowered its two-to-three-year global retail sales growth outlook and said it expects results for fiscal-year 2023 to come in towards the low-end of its expected range. DPZ cited macro-economic headwinds that are impacting its U.S. delivery business and the negative impact on global sales from foreign currency impacts. Shares are falling. Separately, the company increased its quarterly dividend by 10.0% to $1.21 per share.