Sevens Reports - Stock Exchange

Why Didn’t Good NVDA Earnings Support Stocks?

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What’s in Today’s Report:

  • Why Didn’t Good NVDA Earnings Support Stocks?
  • Why is Bitcoin “Crashing?”

Futures are little changed as markets try to stabilize following Thursday’s reversal following a quiet night of news.

Global stock were lower mostly on momentum from Thursday’s U.S. declines and following underwhelming data.

Economically, UK Retail Sales (-1.1% vs. (E ) -0.1%), Eurozone Flash PMI (52.4 vs. (E ) 52.5) and the UK Flash PMI (50.5 vs. (E ) 51.8) all missed expectations.

Today focus will be on the November Flash Manufacturing PMI (E: 52.3) and Flash Services PMI (E: 54.8) and markets will want to see Goldilocks data that meets expectations, implies solid economic activity and doesn’t further reduce rate cut expectations.  Conversely, if the flash PMIs are much better than expectations or much worse, they’ll likely add to downside pressure.  We also get Consumer Sentiment (E: 50.5), but that shouldn’t move markets.

Turning to the Fed, Williams (7:30 a.m. ET) and Logan (9:00 a.m. ET) speak this morning and the more dovish they are, the better.