Nvidia, Microsoft, Alphabet, Splunk rise premarket; Boeing, Dollar Tree fall

August 24, 2023 8:11 AM EDT -- U.S. futures traded in a mixed fashion Thursday, with the tech sector dominating after Nvidia’s strong quarterly numbers.

Here are some of the biggest premarket U.S. stock movers today:

  • Nvidia (NASDAQ: NVDA) stock rose 7.8% after the world’s most valuable chipmaker posted stellar quarterly earnings, with second-quarter revenues crushing lofty expectations, boosted by the frenzy over generative artificial intelligence.

  • Microsoft (NASDAQ: MSFT) stock rose 2% and Google-owner Alphabet (NASDAQ: GOOGL) stock rose 1.4%, boosted by the strong Nvidia earnings as both companies have been rushing to incorporate generative AI into their web search platforms.

  • Boeing (NYSE: BA) stock fell 1.8% after the planemaker warned of delays in near-term deliveries of 737 MAX jets due to a fresh quality issue involving its biggest supplier Spirit AeroSystems (NYSE: SPR), down 6.4%.

  • Splunk (NASDAQ: SPLK) stock rose 13% after the data analytics software maker forecast third-quarter revenue above market estimates on expectations of AI-related spending.

  • Dollar Tree (NASDAQ: DLTR) stock fell 4.6% after the discount retailer forecast annual profit below expectations as it expects a hit from a shift in spending towards lower-margin consumables.

  • Petco Health and Wellness Company (NASDAQ: WOOF) stock fell 13% after the pet supply retailer swings to a quarterly loss and cuts its annual guidance.

  • Kenvue (NYSE: KVUE) stock rose 1.2% after Goldman Sachs upgraded its stance on the consumer health company to 'Buy' from 'Neutral', saying it could rally more than 20%.

  • United States Steel (NYSE: X) stock fell 1.8%, extending losses from the previous session that were sparked by a decision by Esmark to scrap its pursuit of a takeover of the alloy producer.

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