The market finally has Nvidia’s numbers and they cleared Wall Street’s bar with room to spare. That delivered a relief rally across tech, although the reaction still feels nervous rather than convincing. Nvidia might have delivered the kind of earnings the bulls wanted, but the wider mood hasn’t shifted. Sentiment is fragile, positioning is cautious, and there’s still a real chance today’s early strength fades once the opening excitement wears off.
Nvidia comfortably beat Wall Street expectations once again. Third-quarter net income jumped 65% to $31.91 billion on revenue of $57.01 billion, up 62% year-on-year. The guidance was strong, the tone was confident, and shares rose more than 5% after hours.
The results have softened recent anxiety about the durability of the AI cycle, though the broader narrative hasn’t really changed. Markets are still caught between enthusiasm for AI’s long runway and a backdrop of stretched debt, thinning liquidity and tightening fiscal conditions. Nvidia has bought time, not certainty.
At the open, the FTSE 100 rose 0.8% to 9,579.65, while the FTSE 250 gained 0.6% to 21,530.25. The AIM All-Share added 0.5% at 744.20.
The delayed US nonfarm payrolls report, due this afternoon, is the next hurdle. Expectations sit at around 50,000 jobs added in September, up from August’s 22,000. Initial jobless claims will land at the same time, potentially shaping the near-term rate outlook.
In London, Halma jumped 10% after lifting its full-year guidance. The safety products group now expects mid-teens organic revenue growth and sees its adjusted profit margin settling near 22%, excluding first-half one-offs. Games Workshop also climbed 10% with stronger trading momentum, flagging at least £310 million in core revenue for the first half, up from £269.4 million last year.
CMC Markets surged 26%. Despite a small dip in half-year pretax profit to £49.3 million, revenue improved and client activity remained firm. The company now expects net operating income to finish roughly 10% ahead of market forecasts and increased its dividend to 5.5p.
JD Sports eased 1.2% as the retailer said annual profit is likely to land at the lower end of expectations, citing ongoing consumer pressures.
Nanoco rose 6.3% after settling litigation with LG for $5 million under a no-fault agreement. Inspecs fell 4.2%, noting that despite an improved October, US tariff issues and weak global demand are likely to disrupt shipment timing.
For today, Nvidia has eased some tension. Whether that turns into a more durable rally will depend on the next data point, and with sentiment still brittle, a single misstep could quickly reverse the tone.