February 23, 2023

Markets:

Stock futures rose Thursday as traders weigh earnings from chipmaker Nvidia and assess future potential Federal Reserve moves.

Nasdaq futures got a boost from Nvidia, which rose more than 8% on better-than-expected fourth quarter earnings and revenue.

The moves came after the Federal Reserve released the minutes of its most recent meeting, which concluded Feb. 1, showing that members of the central bank are resolved to keep fighting inflation with rate hikes.

Several earnings reports on Thursday gave investors further insight on the state of the consumer, including Alibaba, Papa John’s, Wayfair and Bath & Body Works. After the bell, investors will hear from Beyond Meat, Block, Warner Bros. Discovery and Carvana, among others.

In economic data, traders are looking forward to the latest GDP and weekly jobless claims data, which are both scheduled to be released at 8:30 a.m. ET Thursday.

Additionally, Atlanta Fed President Raphael Bostic will speak at an event hosted by the Atlanta Fed Thursday morning. San Francisco Fed President Mary Daly will take part in a fireside chat in the afternoon.

Portfolio:

We enter the new trading session holding one position in VKTX. Trying to stay patient as we worked through this trade cycle the last few sessions but now we are beginning to see a pickup in activity and queue is beginning to ignite again in premarket. Technically, nothing has broken yet and very easily could have. NVDA earnings reignited a current move with a focus in AI. It'll be interesting to see how where the S&P closes today. Watching trade levels closely but be ready for new opportunities to trigger today.