"The day of truth has finally come for the stock market and the AI/Datacenter/Hyperscaler trade, at least for now. NVIDIA Corp. ( NASDAQ: NVDA) will release perhaps the most anticipated set of quarterly results in the last 25 years or more at 5 PM EST today after the close. Wall Street is looking for earnings per share of $1.25 and a median revenue of $55 billion."
"For the second day running, buyers stepped into the Treasury market as yields were down across the curve, while closing flat on the longest dated issues. The biggest problem for the bond market at this juncture is whether the Federal Reserve will lower interest rates another 25 basis points at the December meeting, which will mark the final one for 2025. The odds for a December cut have slipped below 50%."
"The major oil benchmarks closed higher with Brent Crude closing at $64.81, up 0.95%, while West Texas Intermediate was last seen at $60.65, up 1.24% on the day. Once again, Ukrainian drone strikes on Russia's fourth-largest refinery were a tailwind for oil prices. Natural gas, which had seen heavy profit-taking earlier in the week, closed up 0.30% at $4.37. Forecasts of a cold winter and rising electricity demand remain the two positives driving prices higher"
Major US equity indices closed lower for a fourth straight day, with the Dow at 46,091 (down 1.07%), the S&P 500 at 6,617 (down 0.83%), and the NASDAQ at 22,432 (down 1.21%). Futures traded higher this morning. NVIDIA will report quarterly results after the close, with Wall Street expecting $1.25 EPS and $55 billion revenue; the company must significantly beat estimates and provide strong forward guidance to lift the market. Treasury buyers pushed yields down across the curve; the 30-year closed at 4.74% and the 10-year at 4.12%, while odds of a December Fed cut slipped below 50%. Brent and WTI rose, and natural gas closed at $4.37 amid cold-winter forecasts and Ukrainian drone strikes supporting oil prices.
Read at 24/7 Wall St.
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