Nvidia (NVDA -3.00%) stock is moving higher despite a turbulent start Thursday. The company's share price was up 1.1% as of 2:10 p.m. ET, according to data from S&P Global Market Intelligence.
The stock opened up today's daily trading session down as much as 7% as concerns about geopolitical risk factors and earnings misses for Alphabet and Tesla continued to drag on the stock. But Nvidia shareholders got some welcome good news in the form of better-than-expected U.S. economic data, and the artificial intelligence (AI) leader's share price has rebounded.
Nvidia stock gets a boost thanks to GDP data
According to the Department of Commerce, U.S. gross domestic product (GDP) is estimated to have grown 2.8% year over year in the second quarter. That growth came in far better than the average economist target for growth of 1.9%. Prior to the new data, Nvidia stock looked poised for another day of big sell-offs.
The stronger-than-expected economic data has boosted hopes that the economy may be able to achieve a soft landing -- avoiding a recession while also managing to get inflation under control. If so, that would be very good news for Nvidia and other growth stocks.
What comes next for Nvidia
Nvidia stock has seen volatile trading lately, and it sits 15% below the valuation high that it reached in June. The company's share price is still up roughly 133%, and signs point to demand for its hardware and services remaining quite strong.
With Apple, Microsoft, Amazon, and Meta Platforms all scheduled to report quarterly results over the next week, there's a good chance that Nvidia stock will see some significant movements in conjunction with the quality of big-tech earnings. Finally, Nvidia will be the last member of the "Magnificent Seven" to report quarterly results this earnings season and is scheduled to publish its results after the market closes on Aug. 28.
Nvidia's last update guided for revenue of roughly $28 billion in the quarter -- good for growth of 107% annually. But the company has been crushing its own guidance lately, and Wall Street will likely be expecting a substantial sales beat. The AI leader's upcoming quarterly report looks poised to be the most influential stock market event this earnings season.
