Market awaits Nvidia, but right now, it's got Target on its back
Nasdaq, S&P 500 red, Dow slips
Cons staples weakest S&P sector; Energy leads gainers
Euro STOXX 600 index ~flat
Dollar, gold, crude rally; bitcoin up >2%
U.S. 10-Year Treasury yield rises to ~4.42%
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MARKET AWAITS NVIDIA, BUT RIGHT NOW, IT'S GOT TARGET ON ITS BACK
The main U.S. indexes are lower early Wednesday ahead of AI giant Nvidia's NVDA.O quarterly results due after the closing bell, while retailer Target's shares tumbled after a downbeat holiday-quarter forecast.
Target is sliding around 21% putting it on pace for its biggest one-day percentage fall since May 2022.
Meanwhile, NVDA is trading off only around 1%. With this, the Philadelphia semiconductor index .SOX is down close to 1%.
A majority of S&P 500 .SPX are lower. Consumer discretionary .SPLRCD and consumer staples .SPLRCS, which includes TGT, are the weakest groups. Both sectors are off around 1%.
Energy .SPNY and healthcare .SPXHC are in positive territory.
Here is a snapshot of where markets stood around 0948 EST:
(Terence Gabriel)
*****
FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
WILL NVIDIA HELP PULL UP THE SOX? - CLICK HERE
UK WATCH: HIGHER INFLATION DENTS BOE CUT HOPES - CLICK HERE
RISING BOND YIELDS NO PROBLEM FOR EQUITIES - UBS - CLICK HERE
TECH STOCKS LIFT STOXX AS REAL ESTATE DRAGS - CLICK HERE
BRITISH INFLATION SET TO DOMINATE BEFORE NVIDIA - CLICK HERE
FTSE FUTURES FALL BEHIND AFTER INFLATION RISES CLICK HERE
EarlyTrade11202024 https://tmsnrt.rs/3Z0FEdH
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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