From Nasdaq: 2024-11-20 12:12:36

The S&P 500, Dow Jones, and Nasdaq are all down today, with Target leading retailers lower by cutting its full-year outlook. Chip stocks are also down, impacting the technology sector. Geopolitical tensions in Europe eased after reports of potential talks between Putin and Trump on Ukraine ceasefire. Mortgage applications rose, but interest rates are slightly up.

Investors are awaiting Nvidia’s earnings to see if strong spending for AI hardware continues. Companies in the S&P 500 reported strong Q3 earnings, with a y/y increase in quarterly earnings exceeding forecasts. The markets are pricing in a 59% chance of a rate cut at the December FOMC meeting. Overseas markets are mixed, with European government bond yields on the rise.

Target, Dollar Tree, and Dollar General are down, while Qualcomm and other chip stocks are also lower. Fabrinet, XP Inc, Powell Industries, and Palantir Technologies are among the biggest losers. Keysight Technologies and Williams-Sonoma are up, with positive earnings reports. Flex Ltd and Newell Brands are also seeing gains. Earnings reports for NVIDIA, Target, and other companies are scheduled for today.



Read more at Nasdaq: Stocks Move Lower Ahead of Nvidia’s Earnings