Why Is NVDA Falling? (And Is It A Problem for the Market?)
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What’s in Today’s Report:
- Why Is NVDA Falling? (And Is It A Problem for the Market?)
- EIA Update and Oil Market Analysis
Futures are slightly lower following several underwhelming earnings reports and ahead of important economic data.
Micron (MU) and Levi-Strauss (LEVI) missed earnings and are declining solidly pre-market and those disappointing results are weighing on futures.
Economically, it was a quiet night and none of the reports are moving markets.
Today focus will be on economic data and the key reports, in order of importance, are as follows: Jobless Claims (E: 236K), Durable Goods Orders (E: 0.0%), Final Q1 GDP (E: 1.4%) and Pending Home Sales (E: 1.9%). Given some cautious commentary on the economy from corporate management (including this morning), markets will want to see solid data that meets or slightly exceeds expectations and if that’s the case, the broad markets should be able to rally (even despite some tech headwinds from MU).
Additionally, today is the first (and potentially only) Presidential Debate (9:00 p.m. ET) and the closer look at the two candidates’ policies could move markets on Friday.
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