So here's a live look from the floor of the
Stock Exchange.
Volatility muted, but still some fractional losses as stocks are
still within record territory.
So really just kind of a breather.
There we go, the NASDAQ continuing to gain up 110th
of a percent after hitting a record high yesterday.
The Dow just down about 2/10 of a percent,
not even quite 2/10 of a percent,
a little below that 40,000 level did officially close above
that level for the first time ever on Friday.
And the S&P 500 down fractionally just shy of 110th
of 1%
after also a finishing at a record yesterday alongside the
NASDAQ.
So a lot of momentum in NVIDIA shares heading into
these earnings after the close today of fueling the broader
stock market higher,
especially the NASDAQ and the
S&P 500. Expectations are pretty lofty for NVIDIA.
We'll talk more about that in a moment,
but a lot on top today,
including Fed minutes and a few more earnings reports that
we're watching too.
So Speaking of some of the stocks on the move,
I do want to hone in especially on NVIDIA shares.
Here's a year to date chart.
So you see that stock
right at its highest level and it's up
95% just in 2024 alone.
We're not even halfway through the year,
so it's the third biggest U.S.
company by market value below Microsoft.
And Apple has seen a significant surge in the past
18 months.
And according to estimates by LSAG,
the company is set to report sales of just short
of $25 billion.
That would represent revenue gains of more than
240%. So there you see especially the expectations that are
built in that income expected to be
12.8 billion up from 2 billion a year ago.
That is a significant increase as well.
I target shares on the move.
That stock is down certainly this morning.
Here's a 24 hour chart,
It's down almost 9%. I did have a disappointing quarter
reported a 3%
sales drop year on year,
earn $2.03 a share with revenue of
24 1/2 billion dollars and its chief executive said that
sales dip due to quote,
continued soft trends in discretionary categories.
End Quote. Well earlier this week Target announced plans to
cut prices on
5000 everyday Items like groceries and household staples
did maintain its full year guidance expecting sales to be
between flat to a gain of 2%.
So this is another disinflationary story that we've been covering.
We saw it a bit in the lowest report earlier
this week as well.
But the consumer is starting to pull back and that
should eventually pave the way for the Fed to cut
interest rates.
Of course, the Fed does want to engineer a soft
landing,
so softening economic data is positive,
but if it softens too much,
we could see the concern of a recession.
So these are the new narratives that are starting to
build
in the market.