August 28, 2024

Markets:

S&P 500 futures were basically flat Wednesday as investors waited for Nvidia’s quarterly earnings announcement. Other AI stocks are trading around 10% below their all-time highs.

Wall Street is keeping an eye on Nvidia to gauge the broader sustainability of the broader tech and AI trade. The semiconductor giant — slated to report after the close — has surged 159% in 2024, raising questions of how much more room there is for the stock to run.

Wall Street is coming off a mixed session, with the S&P 500 and Nasdaq rising nearly 0.2% each. The 30-stock Dow, meanwhile, added just 0.02%.

 

Portfolio:

 

One change for the open, adjust our stop on ASTS to 28.24 please.  No other changes needed for the open.  

 

It's NVDA day! The markets have done exactly what we anticipated coming into this week with choppy sessions and no real movement at all anywhere. Just chopped traders up throughout each session and would not be surprised at all to see it continue today until we receive NVDA earnings. Some on Wallstreet are stating tonight's earnings call could be the most important one in the last ten years based on the guidance it provides for AI. In other news market watchers await Fed speeches, bond auctions, and mortgage application data today.