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“We can draw lessons from the past, but we cannot live in it.” – Lyndon B. Johnson
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Paul Hickey appeared on CNBC’s Closing Bell Overtime to discuss markets and Nvidia Earnings after the close yesterday. To view part of the segment, click on the image below.
Futures are higher across the board this morning, with the S&P 500 indicated to open 0.4% higher while the Nasdaq is up by double that (0.92%). Strong earnings from Nvidia (NVDA) are driving the gains, but given the nearly 7% gain, one would have expected an even larger market rally. As we have seen more and more in the last several months, though, what’s been good (bad) for NVDA hasn’t necessarily been good (bad) for the market.
Outside of equities, Treasury yields are little changed while crude oil is fractionally higher at $82.50 for WTI. Gold is also little changed, while Bitcoin rallies more than 1%, making another run for $80K.
In Asia, markets didn’t get much of a lift from the NVDA earnings. Japan was slightly lower, while China rallied 1.1% and the KOSPI jumped 1.5%. Likewise, in Europe, NVDA has provided little boost as the STOXX 600 drops 0.3%, led lower by France with a decline of 1.1%.
We were already past the unofficial end of earnings season heading into this week, but along with NVDA’s report after the close yesterday, there was a spate of notable reports. We think it was only fitting that after what can only be described as an extraordinary earnings season, the last batch of reports after the close yesterday was nothing short of great. Of the eleven companies reporting, ten reported better-than-expected earnings, all eleven reported better-than-expected sales, and five raised guidance. Five triple plays out of eleven reports. That’s what we call going out in style!
Along with the strong results, the stock price reactions have also been very good. While NVDA’s nearly 7% gain puts the stock on pace for its strongest earnings-reaction-day gain since May 2024, four other stocks reporting are poised to gap up even more. Leading the way higher, Okta (OKTA) is up nearly 18% while Salesforce (CRM) is up just under 10%. The only two stocks trading lower in the pre-market are HP (HPQ) and Synopsys (SNPS). Of the eleven stocks reporting, the average pre-market gain is 4.7%, which is nothing short of a great start, but there’s still a full trading day ahead of us.
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