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After dilly-dallying in recent sessions amid anticipation ahead of Nvidia Corp.’s earnings, market mood is settling in. The index futures were higher in early trading. Nvidia shares have clawed part of their losses seen early in the premarket session and could recover when sell-side analysis starts coming in. Some strong tech earnings could provide the offsetting impact.
The preliminary GDP data due ahead of the market will be parsed by traders for cues on growth and inflation. A speech by a Federal Reserve official is also on traders’ radar. More importantly, Friday’s consumer price expenditure index data called the Fed’s favorite inflation gauge, could keep the market on tenterhook. The Labor Day holiday on Monday could dampen trading volume, and this could impart volatility, although traders do not attach much significance to low-volume moves.
Futures | Performance (+/-) |
Nasdaq 100 | +0.28% |
S&P 500 | +0.23% |
Dow | +0.52% |
R2K | +0.53% |
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust rose 0.20% to $559.41, and the Invesco QQQ ETF gained 0.25% to $472.53, according to Benzinga Pro data.
Cues From Last Session
Caution ahead of Nvidia’s earnings and a sharp pullback in the shares of Super Micro Computer, Inc. weighed down on the tech space on Wednesday, which in turn dragged the major averages on Wednesday lower. After a lackluster start, stocks moved sideways in early trading, and subsequently, they moved lower before recouping some of the losses in late afternoon trading.
The tech-heavy Nasdaq Composite settled at its lowest in about two weeks and the Dow Jones Industrial Average retreated from its all-time closing high.
All but two S&P 500 sector classes retreated on Wednesday, and IT, communication services, consumer discretionary and energy stocks bore the brunt of the selling pressure.
Index | Performance (+/) | Value |
Nasdaq Composite | -1.12% | 17,556.03 |
S&P 500 Index | -0.60% | 5,592.18 |
Dow Industrials | -0.39% | 41,091.42 |
Russell 2000 | -0.65% | 2,188.64 |
Insights From Analysts:
As the presidential election campaign heads into the final sprint, Michael Zezas, Managing Director, Head of U.S. Public Policy Research & Municipal Credit Strategy at Morgan Stanley, said before the election, not the ups and downs of the campaign but the business cycle will probably affect the markets. “We don't think investors' near-term strategies will focus on the election,” he said.
Following the election, Zezas said he expects the election impact to be more pronounced in specific sectors. A Democratic win may be negative for energy and telecom stocks but positive for clean-energy stocks, he said.
“The outcome of the election could affect the U.S. Treasury yield curve, which plots bond yields against maturity dates, as well as the U.S. dollar,” he said. Trump’s insinuation of higher tariffs will likely weigh on economic growth and lead to a steeper yield curve but it would be positive for the dollar, he added.
LPL Financial Chief Economist Jeffrey Roach said should the economy worsen, the equity market could see volatility. The August payroll report, due on Sept. 6, or the upcoming months’ reports could show some underlying weakness in the broader hiring trends. He also noted caution among consumers who may not splurge on big-ticket items as the economy progresses into late-cycle dynamics.
LPL said it maintained its investment perspective of being modestly overweight on fixed income, funded from cash. This, the firm said, can help buffer against equity market volatility should economic conditions worsen, while also providing attractive income.
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Stocks In Focus:
Commodities, Bonds And Global Equity Markets:
Crude oil and gold futures were rebounding after a two-session slide and Bitcoin traded below the $60K level. The yield on the 10-year Treasury note fell 1.4 basis points to 3.827%.
Most Asian markets retreated on Thursday. following Wall Street’s weakness overnight and the negative reaction to Nvidia’s earnings, while European stocks traded higher early in the session.
Read Next:
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
September S&P 500 E-Mini futures (ESU24) are up +0.27%, and September Nasdaq 100 E-Mini futures are up +0.22% this morning as market participants shrugged off Nvidia’s underwhelming sales forecast and looked ahead to a raft of U.S. economic data.
Nvidia fell over -2% in pre-market trading as an underwhelming Q3 sales forecast as well as issues in the production of its highly anticipated Blackwell chips overshadowed strong Q2 results and a $50 billion share buyback program.
In yesterday’s trading session, Wall Street’s major indices ended lower. Super Micro Computer plummeted over -19% and was the top percentage loser on the S&P 500 and Nasdaq 100 after the AI server maker said it would delay filing its annual financial disclosures. Also, chip stocks slumped, with Arm falling more than -4% and Micron Technology sliding over -3%. In addition, Foot Locker plunged more than -10% after lowering its FY24 gross margin forecast. On the bullish side, Chewy surged over +11% after the online retailer of pet products reported stronger-than-expected Q2 adjusted EPS and lifted its full-year adjusted EBITDA margin guidance. Also, Box climbed more than +10% after the company posted upbeat Q2 results and boosted its FY25 guidance.
Atlanta Fed President Raphael Bostic stated Wednesday that it “may be time” to lower rates, but he is still waiting for more data to justify cutting interest rates next month. “I don’t want us to be in a situation where we cut and then we have to raise rates again. So, if I’m going to err on one side, it’s going to be waiting longer just to make sure that we don’t have that up and down,” Bostic said.
Meanwhile, U.S. rate futures have priced in a 63.5% chance of a 25 basis point rate cut and a 36.5% probability of a 50 basis point rate cut at the September FOMC meeting.
On the earnings front, notable companies like Dell Technologies , Marvell Technology , Autodesk , Lululemon Athletica , Dollar General , Best Buy , Ulta Beauty , and Gap are slated to release their quarterly results today.
On the economic data front, all eyes are on the Commerce Department’s second estimate of gross domestic product, due later in the day. Economists, on average, forecast that U.S. GDP will stand at +2.8% q/q in the second quarter, compared to the first-quarter figure of +1.4% q/q.
Also, investors will focus on U.S. Pending Home Sales data, which came in at +4.8% m/m in June. Economists foresee the July figure to be +0.2% m/m.
U.S. Initial Jobless Claims data will be reported today. Economists predict this figure will hold steady at 232K, consistent with last week’s number.
U.S. Wholesale Inventories preliminary data will come in today as well. Economists expect July’s figure to be +0.3% m/m, compared to +0.2% m/m in June.
In addition, market participants will be anticipating a speech from Atlanta Fed President Raphael Bostic.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 3.824%, down -0.49%.
The Euro Stoxx 50 futures are up +0.49% this morning as investors shrugged off Nvidia’s disappointing Q3 sales forecast and awaited remarks from a European Central Bank official as well as inflation figures from Europe’s largest economy later in the day. Technology stocks led the gains on Thursday. Automobile stocks also gained ground as EU passenger car registrations increased by 0.2% year-over-year to 852,051 units in July. Preliminary data from the National Statistics Institute released Thursday indicated that Spain’s annual inflation rate eased to 2.2% in August from 2.8% in July. Separately, a survey released by the European Commission showed that economic confidence in the Eurozone increased in August, despite continuing weak sentiment among households in the region. Meanwhile, investor focus will be on remarks from ECB’s chief economist Philip Lane and preliminary inflation data from Germany for August later in the session.
Spain’s CPI (preliminary), Eurozone’s Business and Consumer Survey, and Eurozone’s Consumer Confidence data were released today.
The Spanish August CPI has been reported at 0.0% m/m and +2.2% y/y, better than expectations of +0.1% m/m and +2.4% y/y.
Eurozone August Business and Consumer Survey came in at 96.6, stronger than expectations of 95.8.
Eurozone August Consumer Confidence arrived at -13.5, weaker than expectations of -13.4.
Asian stock markets today closed in the red. China’s Shanghai Composite Index (SHCOMP) closed down -0.50% and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.02%.
China’s Shanghai Composite Index closed lower today, hitting its lowest level in nearly seven months as sentiment remained dampened by concerns over the country’s economic outlook. Technology and bank stocks led the declines on Thursday. Adding to the negative sentiment, UBS Group AG on Wednesday lowered its growth forecast for China for this year and the next, attributing the revision to a more severe-than-expected property market slump. The Swiss bank now projects China’s gross domestic product to grow by 4.6% this year, down from a previous forecast of 4.9%. For 2025, UBS anticipates growth at 4%, a reduction from the earlier estimate of 4.6%. “While real exports have been stronger than expected, the implementation of property easing measures has been slow, and the impact limited,” UBS economists said in a note. They also lowered their forecasts for property sales and new construction starts for both 2024 and 2025. Meanwhile, investors are awaiting the release of official Chinese PMI figures for August, set for Saturday, to obtain further insights into the state of the world’s second-largest economy. In corporate news, Li Auto Inc. plunged over -9% in Hong Kong after the EV maker reported weaker-than-expected Q2 earnings. At the same time, Meituan surged more than +12% after the delivery service provider posted upbeat Q2 results and unveiled a $1 billion buyback.
Japan’s Nikkei 225 Stock Index closed just below the flatline today. Gains in healthcare and utility stocks helped offset losses in consumer cyclical and real estate stocks on Thursday. Data released on Thursday indicated that Japan’s consumer confidence index stayed the same in August as the previous month, marking the highest reading since April. Meanwhile, investors continued to evaluate the Bank of Japan’s monetary policy trajectory after BOJ Deputy Governor Ryozo Himino stated on Wednesday that the central bank would adjust its monetary easing if the forecasts for economic activity and prices materialize. In corporate news, Nidec slid more than -3% after AI server manufacturer Super Micro Computer, with which it is developing water-cooling modules for servers, delayed the filing of its annual report. Investors are now looking ahead to the release of July industrial production, retail sales, and unemployment figures, along with Tokyo’s August inflation data, due on Friday, to help shape the nation’s economic and interest rate outlook. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed up +1.02% to 22.70.
The Japanese August Household Confidence stood at 36.7, weaker than expectations of 36.9.
Pre-Market U.S. Stock Movers
Nvidia fell over -2% in pre-market trading as an underwhelming Q3 sales forecast as well as issues in the production of its highly anticipated Blackwell chips overshadowed strong Q2 results and a $50 billion share buyback program.
Salesforce gained more than +4% in pre-market trading after the cloud computing giant posted upbeat Q2 results and raised its full-year EPS guidance.
Affirm Holdings soared about +22% in pre-market trading after the company reported better-than-expected Q4 results and issued above-consensus Q1 revenue guidance.
Today’s U.S. Earnings Spotlight: Thursday - August 29th
Dell Tech (DELL), Marvell (MRVL), Autodesk (ADSK), Canadian Imperial Bank (CM), Lululemon Athletica (LULU), Dollar General (DG), Brown Forman A (BFa), Best Buy (BBY), Ulta Beauty (ULTA), Burlington Stores (BURL), MongoDB (MDB), Campbell Soup (CPB), Birkenstock Holding ltd (BIRK), Elastic (ESTC), Gap (GAP), Hashicorp (HCP), Ollie's Bargain Outlet (OLLI), American Eagle Outfitters (AEO), GMS Inc (GMS), Polestar Automotive Holding A (PSNY), Photronics (PLAB), Amark Preci (AMRK), Malibu Boats Inc (MBUU), Cool Company Oy (CLCO).
On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Shares of Affirm Holdings, Inc. rose sharply in today's pre-market trading following strong fourth-quarter earnings and upbeat first-quarter guidance.
Affirm reported quarterly losses of 14 cents per share, which beat the analyst consensus estimate of losses of 51 cents per share. Quarterly revenue came in at $659 million, which beat the consensus estimate by 9.17%.
Affirm Holdings shares jumped 18% to $37.24 in the pre-market trading.
Here are some other stocks moving in pre-market trading.
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