Morning Dose: NVIDIA Tumbles, Snowflake Soars Hot Morning Winners!
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome to The Morning Dose – Everything You Need to Know Before the Market Opens. Futures are looking a bit mixed this morning, really a tale of two tapes after the S&P 500 snagged yet another record high yesterday.
Overnight Headlines
The big focus last night was on NVIDIA after their earnings report. Despite beating on EPS and revenue, the stock is down pre-market due to lighter than expected Data Center revenue.
Economic Announcements
- Today’s key economic data includes weekly jobless claims, Q2 GDP second estimate, and pending home sales.
- Traders are anticipating the PCE inflation report and parsing words from Fed Governor Waller later today.
Earnings Highlights
- Snowflake (SNOW) is surging with strong results, beating on earnings and revenue.
- Dollar General (DG) and Five Below impressed with solid beats and raised guidance.
- Cooper Companies (COO) faced a sell-off due to weak guidance despite a current quarter beat.
Top Movers
Watch for NVIDIA under pressure, Snowflake (SNOW) soaring, and Cooper Companies (COO) plunging.
Quick Trade Ideas
- For the S&P 500, key levels to watch are 648 resistance and 644 support.
- Monitor volume on NVIDIA at the open for market direction clues.
Key Takeaway
Today’s trading sessions are marked by caution and indecision, with a focus on sector rotations within tech. Stay nimble, monitor economic data, and prepare for tomorrow’s inflation report.