Morning Dose: NVIDIA Ignites Market Surge
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Good morning and welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. It is Thursday, November 20th, and futures are pointing to a sharply higher open. The market seems ready to rip right out of the gate!
Overnight Headlines
- NVIDIA (NVDA): Delivered a classic beat-and-raise quarter with incredibly strong guidance. Blackwell sales “off the charts” and cloud GPUs sold out, restoring momentum to the A-I trade.
- Macro Picture: Despite NVIDIA’s success, there’s a tug-of-war with fading hopes for a December rate cut and hawkish sentiments from FOMC officials.
Economic Announcements
The key economic data at 8:30 AM Eastern is the September Nonfarm Payrolls report, which could greatly impact market direction, especially considering expectations of around 50,000 jobs added.
Earnings Highlights
- Walmart (WMT): Beat earnings and revenue, raised full-year guidance signaling strength in U.S. consumer.
- Moderna (MRNA): Expects 10 percent revenue growth, driving premarket trading up.
- Atkore International, Bath & Body Works, Jack In The Box: Facing challenges with misses and lowered guidance.
Top Movers
- Tech & Consumer Discretionary: XLK and XLY leading, with NVIDIA’s success benefitting semiconductor space and Walmart’s strength boosting discretionary stocks.
- SPY & QQQ: Watch out for resistance at 671.50 and support at 669 for SPY, and key breakout spot at 611 for QQQ.
Quick Trade Ideas
Key Takeaway: NVIDIA offers a tailwind, but the 8:30 AM payrolls report is a wild card. Be cautiously optimistic, prepare for potential volatility, and manage risk accordingly.