May 22, 2024

Markets:

U.S. stock futures slipped Wednesday as investors looked ahead to the widely-anticipated release of Nvidia’s latest earnings report.

Nvidia is slated to post fiscal first-quarter results after the bell Wednesday, with analysts expecting another strong quarter from the chipmaker. LSEG data shows consensus estimates call for earnings and revenue to have rise 400% and 240% year on year.

Investors will closely watch the report for clues on whether this year’s tech rally can continue. The tech-heavy Nasdaq Composite has popped 12% to record highs year to date.

And while the market rally has the potential to broaden beyond tech, it will be important that the earnings season wrap up on a strong note.

Traders will also watch out for minutes from the latest Federal Open Market Committee meeting, as well as April’s existing home sales.

Portfolio:

Another productive session and we continue to build! So many are focused on NVDA earnings tonight and the reaction the chip sector and Nasdaq will take. We also have the Fed minutes to be released today. Expect swings throughout the day and obviously around the minutes. Just been the pattern. We enter the session holding set-ups in POET, NVDL, IONQ, AI, PLTR, TSLL, and PATH. Queue is igniting but trying to be super patient while we work through two market movers this week; Fed Minutes and NVDA earnings. Truly and exciting day!