Midday Stock Mids: Nvidia, AMD, Levi Strauss

The stock market trades at noon below. The S&P 500 lost 0.4 percent and the tech-heavy Nasdaq Composite fell 0.3 percent. The Dow Jones Industrial Average lost 0.6 percent and the Russell 2000 fell 0.9 percent.

S&P 500 Big Stocks Today

Five S&P 500 stocks making big midday moves are:

• Vistra (VST) +6.7%
• Marketaxes Holdings (MKTX) +6.5%
• Valero Energy (VLO) +5.3%
• Marathon Petroleum (MPC) +4.6%
• Constellation Energy (CEG) +4.3%

The five worst-performing S&P 500 stocks with the biggest midday declines are:

• Constellation Brands (or grid) -4.3%
• adze (TSLA) -4.0%
• Universal health services (UHC) -3.9%
• Warner Bros Discovery (WBD) -3.6%
• Bio-Techne (TECH) -3.5%

Also, stocks worth noting include:

• Nvidia (NVDA) +3.5%
• Advanced microdevices (AMD) +1.8%
• Apple (AAPL) -1.1%
• NIKE (NKE) -1.1%
• Levi Strauss (LEVI) -7.2%

Nvidia customers include Amazon AWS, Dell, Google, Meta, Microsoft, OpenAI, Oracle and Tesla.

NurPhoto/Getty Images

Nvidia trades higher on ‘insane’ demand going forward

Nvidia shares rose 3 percent after CEO Jensen Huang revealed strong demand for Blackwell.

“Blackwell is in full production,” Huang said on Oct. 2 in an interview with CNBC. “Blackwell is as planned and the demand for Blackwell is insane. Everyone wants to have the most and everyone wants to be first.”

Related: Nvidia CEO Jensen Huang Just Told Investors What’s Next for the AI ​​Chipmaker

Blackwell is an Nvidia platform released in March that enables organizations to run real-time generative AI on models trained to understand and produce human language. Its customers include Amazon AWS, Microsoft Azure and Google Cloud.

“There is a new generation of Al infrastructure every year,” Huang said. “So we update our platform every year. If we can increase performance like we did for Hopper and Blackwell… we actually increase revenue or throughput for our customers on these infrastructures by a few. three times a year”.

AMD stock gains on analyst update

AMD shares rose nearly 2% after a BofA analyst said AMD’s Oct. 10 AI event could be a “recovery catalyst,” according to thefly.com

The analyst notes that last year’s AI event on December 6 produced stock returns of 19% and 80% one month and three months later, respectively.

Related: Analysts Reset AMD Stock Outlook After AI Acquisition

The analyst says that updates to the AI ​​roadmap and server CPU with customer-backed comments in the cloud “could revive AMD stock,” but warns of intensifying competition in the AI ​​industry.

BofA maintains a buy rating and a $180 price target on AMD stock.

Levi Strauss collapses from weak perspective

Levi Strauss lost 7.3 percent after the jeans maker posted a revenue loss and cut its earnings outlook for the fiscal year.

For the quarter ended Aug. 25, the company earned 33 cents per share, more than the 31 cents analysts expected. However, revenue of $1.52 billion missed analysts’ forecast of $1.55 billion.

More Retail Stock:

• Target makes bold return policy clarification amid alarming trend
• Analyst revises price target on Costco shares, rating ahead of earnings
• Nike shares rise after new CEO named

Levi Strauss also cut its earnings guidance, now expecting sales to rise 1%, down from previous guidance of 1% to 3% growth and below the 2.3% growth it had analysts were expecting, according to LSEG data.

The company is considering selling its Dockers brand, whose Dockers sales fell 15% to $73.7 million during the quarter.

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