After ending the previous session mostly higher, stocks may see further upside in early trading on Wednesday. The major index futures are currently pointing to initial strength on Wall Street, with the S&P 500 futures up by 0.2 percent.
The upward momentum on Wall Street comes as traders look ahead to release of quarterly results from AI darling Nvidia (NVDA) after the close of today’s trading.
Nvidia, which has recently been a major market leader, is up by 0.5 percent in pre-market trading after surging by 4.9 percent on Tuesday.
Early buying interest may be somewhat subdued, however, as traders continue to express concerns about escalating tensions between Ukraine and Russia.
A lack of major U.S. economic data may also keep some traders on the sidelines ahead of Nvidia’s results, although comments from several Fed officials may attract attention.
Among individual stocks, shares of Target (TGT) are moving sharply lower in pre-market trading after the retailer reported weaker than expected third quarter results and lowered its full-year guidance.
Chinese electric vehicle maker Nio (NIO) may also move to the downside after reporting third quarter sales that missed analyst estimates.
On the other hand, shares of Comcast (CMCSA) may see initial strength after the company announced its intent to spin off a portfolio of NBCUniversal’s cable television networks, including USA Network, CNBC, and MSNBC, into a new publicly traded company.
Stocks moved to the downside early in the session on Tuesday but showed a significant rebound over the course of the trading day. The Nasdaq and the S&P 500 climbed well off their early lows and into positive territory, although the narrower Dow remained stuck in the red.
The major averages eventually ended the day mixed. While the Dow fell 120.66 points or 0.3 percent to 43,268.94, the S&P 500 rose 23.36 points or 0.4 percent to 5,916.98 and the Nasdaq jumped 195.66 points or 1.0 percent to 18,987.47.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index dipped by 0.2 percent, while China’s Shanghai Composite Index climbed by 0.7 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.’s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index and the German DAX Index are both up by 0.5 percent.
In commodities trading, crude oil futures are climbing $0.46 to $69.85 a barrel after rising $0.23 to $69.39 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $2,644, up $13 compared to the previous session’s close of $2,631. On Tuesday, gold advanced $16.40.
On the currency front, the U.S. dollar is trading at 155.73 yen compared to the 154.66 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0558 compared to yesterday’s $1.0596.
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U.S. Stocks May Move To The Upside Ahead Of Nvidia Earnings
2024-11-20 13:49:21
