The major US stock indices futures are employing a lower opening.
Snapshot currently implying:
- Dow Industrial Average average -76 points
- S&P index -8.00 points
- NASDAQ index +4.50 points
Both the S&P and NASDAQ index closed at record levels yesterday with the S&P index closing at 5321.42. The NASDAQ index closed at 16832.62. Early this week the industrial average closed at a record level of 40,003.
Meanwhile a Reuters poll is out this morning saying that expectations are for the S&P to and 2024 at 5302. Previous estimate was 5100 in February. The Dow industrial average is expected to end the year 40,765 down from 41,600.
Of course the focus will be on Nvidia earnings after the close. This is arguably the granddaddy of all the earnings this quarter.
The expectations are for EPS coming in at $5.60. That compares to $5.16 last quarter and $1.09 in the same quarter last year. Revenues are expected at $24.60 billion. That compares to 22.103 billion last quarter, and 7.192 billion one year ago. Shares of Nvidia are up some 90% this year alone and over 200% from a year ago, but EPS and revenues have grown at even faster pace. Options are price in a 8% move. Much will depend on expectations going forward.
Shares of Nvidia closed at a record level yesterday above $950. The all-time intraday high comes in at $974. It's 100 bar moving average on the 4-hour chart comes in a $887.25. Since breaking above on May 2, the price has been able to stay above that moving average level after testing it on corrective moves on May 9 and May 13.
US yields are higher:
- 2-year yield 4.871%, +3.8 basis points
- 10 year yield 4.449%, +3.5 basis points
- 30-year yield 4.573%, +2.0 basis points
The U.S. Treasury will auction off 20 year bonds at 1 p.m. ET
