On November 12, 2024, traders at the New York Stock Exchange braced for volatility as Nvidia’s stock fell 2% amid anticipation of its earnings report, with Wall Street scrutinizing underwhelming outcomes from Target. The Dow Jones Industrial Average dipped by 80 points or 0.2%, the S&P 500 fell by 0.6%, and the Nasdaq Composite declined by 0.8%.
Chris Senyek of Wolfe Research highlighted the significance of Nvidia’s earnings, emphasizing that any negative insights could pose risks that delay or reverse the anticipated market rally. Nvidia’s results, driven by its Blackwell AI chips, are keenly awaited to determine AI spending trends and could significantly influence market dynamics due to the company’s $3.6 trillion market cap.
The market’s focus on Nvidia follows a tempered rally spurred by the recent election, even as stocks faced pressure last week with Federal Reserve Chair Jerome Powell indicating no immediate rate cuts. Geopolitical tensions between Russia and Ukraine further rattled markets on Tuesday.
In the retail sector, Target’s shares plummeted 20% after reporting its largest earnings miss in two years, primarily due to waning discretionary demand and rising costs, prompting a downward revision in its annual guidance. This financial setback weighed heavily on other retail stocks, with the SPDR S&P Retail ETF down 1.5%, while companies like Costco saw marginal dips. Dollar Tree, Dollar General, and Five Below fell by over 3%, and Home Depot decreased by 1%.
Conversely, Comcast shares experienced a slight uptick following the announcement of its plan to spin off cable networks, such as MSNBC and CNBC, a process projected to take about a year. This strategic move, initially suggested during Comcast’s October earnings call, marks a significant shift for the media company.
Original Story https://www.cnbc.com/2024/11/19/stock-market-today-live-updates.html
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