Stocks Look to Score Winning Week After Shaky Start

Nvidia's earnings were the talk of the town

Deputy Editor
Feb 23, 2024 at 1:27 PM
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The holiday-shortened week got off on the wrong foot, as tech investors took profits ahead of Nvidia's (NVDA) highly anticipated earnings report. Additionally, sour sentiment from the Federal Reserve weighed on traders' minds, as the central bank said it won't rush to cut interest rates until it has "greater" confidence that inflation is slowing.

Wall Street was able to shake off the negativity though, after Nvidia's earnings had broader-market implications. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) both notched record highs, the former bursting through the 39,000 level for the first time ever, while the Nasdaq Composite Index (IXIC) came within a chip-shot of a record close. That optimism is bleeding into the final trading day, as Wall Street looks to turn in a weekly win.

Tech Earnings Take Wall Street by Storm

Despite the short week, investors still had plenty of earnings reports to sift through. The talk of the town this week was results from aforementioned semiconductor giant NVDA, whose better-than-expected results lifted the tech sector. A surprise profit boosted Moderna (MRNA), despite slower-than-anticipated Covid-19 vaccine sales, and Trade Desk (TTD) hit a two-year high after issuing a sunny forecast. It wasn't all rainbows and butterflies in the tech sector, however, as two electric vehicle (EV) stocks both took a dive after earnings, while e-tailer Etsy (ETSY) slid on a foggy current-quarter forecast.

Fed's Preferred Inflation Gauge Approaching

While the Fed announced it doesn't plan on cutting interest rates anytime soon, it will be interesting to see if they change their tune next week. That's because the Fed's favorite inflation gauge, the personal consumption expenditures (PCE) index, is on tape for release. The earnings docket also features C3.ai (AI), CAVA Group (CAVA),  eBay (EBAY), Macy's (M), and Salesforce (CRM).

That's a lot to unpack, but if you still want more then we've got you covered. Check out how shorts are supporting the SPX's latest rally, as well as several "overbought" indicators flashing for the broader-market index.

 

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