Nvidia on tap next week as earnings season draws to close
Main U.S. indexes red; Nasdaq down most, off >2%
Tech weakest S&P sector; Utilities lead gainers
Dollar, gold dip; crude down ~2.5%; bitcoin up >1.5%
U.S. 10-Year Treasury yield ~flat at ~4.42%
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NVIDIA ON TAP NEXT WEEK AS EARNINGS SEASON DRAWS TO CLOSE
The third-quarter U.S. earnings season is nearly done but investors will hear next week from one company that has had a big influence on the market: Nvidia NVDA.O.
The chipmaker, due to report Wednesday after the bell, has led the artificial intelligence rally in stocks and could help shift investor focus - at least briefly - back to the earnings from the U.S. election.
AI-focused stocks had done well in the wake of last week's U.S. election and presidential win by Republican Donald Trump, with AI companies seen possibly benefiting from potential policies under Trump. Nvidia is down 3.8% on Friday and up 0.7% since the Nov. 5 election day close. Nvidia remains up about 184% since the start of the year.
With results in from 460 of the S&P 500 as of Friday, estimated earnings growth for the S&P 500 in the third quarter is now at 8.8%, up from 5.3% estimated growth as of Oct. 1, according to LSEG.
Walmart WMT.N, along with other various retailers, is also due to report quarterly numbers next week.
(Caroline Valetkevitch)
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