S&P 500, Nasdaq Hit New Records Ahead of Nvidia's Earnings Wednesday | Wall Street Today
The Nasdaq Composite and the S&P 500 closed up at record highs on Monday ahead of Nvidia earnings, the last of the "Magnificent Seven" companies to report earnings.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ gained 0.65% to reach an all-time intraday high and close at a record. The $S&P 500 Index (.SPX.US)$ inched up 0.09%, a record high as well. The $Dow Jones Industrial Average (.DJI.US)$ fell 196.82 points, or 0.49%.
MACRO
Cleveland Fed President Loretta Mester on Monday suggested she was thinking about backing away from her prior expectation that the U.S. central bank will cut interest rates three times this year.
As recently as early April, Mester had three rate cuts penciled in for 2024. Now, she has her doubts.
In addition, one of Wall Street’s most prominent bears, Morgan Stanley’s Michael Wilson, gave up on predicts a big stock market drop.
Michael Wilson boosted his 12-month S&P 500 target to 5,400, a 20% jump from his last forecast of 4,500. His previous forecast implied that the benchmark would fall 15% by December.
SECTORS
Despite some events in the Middle East, oil trading has remained calm as market volatility is decreasing.
Prices have remained stable as traders look for guidance before OPEC's production meeting in June.
Gold trimmed gains as traders took profits following a surge to a record high, driven by optimism about the Federal Reserve's monetary policy and escalating geopolitical tensions in the Middle East.
MOOVERS
$Palo Alto Networks (PANW.US)$ shares were falling 8.3% in Monday's after-hours action as the cybersecurity company failed to sport much upside with its latest quarterly forecast, which bracketed the consensus view.
$Li Auto (LI.US)$ stock was falling 12% after weaker-than-expected earnings. The company reported first-quarter earnings per share of 8 cents on sales of $3.6 billion, while Wall Street was looking for earnings per share of12 cents on sales of $3.7 billion, according to FactSet.
$NVIDIA (NVDA.US)$ shares went up 2.4% ahead of its earnings on Wednesday. Pricing in the options market shows that traders are wagering on a roughly 10% move in its shares after the Wednesday’s earnings, Cboe Global Markets data show.
$Hims & Hers Health (HIMS.US)$ shares soared 27.6% after the company said it would add injectable weight-loss drugs to its platform, granting access to the popular treatments to its telehealth patients.
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