Markets Wrap: Wall Street Steady as Nvidia Earnings Loom

Stock Market Wrap

Markets Wrap: Wall Street Steady as Nvidia Earnings Loom

Nov 20, 2024

Market Overview:

The S&P 500 closed nearly flat at 5,917.11, while the Dow Jones Industrial Average gained 139.53 points (0.3%) to 43,408.47. The Nasdaq Composite slipped 0.1% to 18,966.14. The Nasdaq 100 declined 0.3%, reversing an earlier loss of more than 1% amid ongoing tensions between Ukraine and Russia.

Investor focus was on Nvidia’s highly anticipated earnings report, with its shares dipping 1% ahead of the release. The results are viewed as a major catalyst for the market, given Nvidia’s $3.6 trillion valuation and the implications for AI-driven growth.

Geopolitical tensions and the Federal Reserve’s cautious stance on rate cuts continued to weigh on sentiment. Treasuries weakened across the curve following a lackluster 20-year bond auction. Wall Street’s fear gauge, the VIX, surged for a second day, jumping as much as 15%. Meanwhile, the dollar strengthened, rebounding 0.4% after a three-day decline.

Corporate News:

Nvidia
Nvidia’s quarterly earnings report looms large as investors await updates on demand for its Blackwell AI chips. Analysts view these results as a key driver for market momentum heading into the year-end.
Target
Target shares plummeted 21% following its largest earnings miss in two years. The company also slashed its full-year guidance, citing soft discretionary spending and cost pressures. The SPDR S&P Retail ETF fell 1.1%, with Dollar Tree, Dollar General, and Five Below dropping over 2.5% each.
Comcast
Comcast gained 1.6% after announcing plans to spin off its cable networks, including MSNBC and CNBC. The restructuring process is expected to take about a year.
Treasury Secretary Race
President-elect Donald Trump is reportedly considering Kevin Warsh and Marc Rowan for Treasury Secretary. The appointment is expected to influence key policies such as tax reforms and trade regulations.

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