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Rallied as tech and semiconductor stocks jumped, with the Philadelphia Semiconductor Index climbing 5.4% amid the broad market rally.

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Asia Markets

US Equity Futures Edge Higher Pre-Bell Amid Chip Sector Gains as Traders Await Nvidia Earnings

US equity futures were edging higher pre-bell Wednesday as traders anticipated Nvidia's (NVDA) fiscal Q1 financial results, expected after the closing bell, amid share gains in the broader chip sector.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.7% higher.Investors look forward to Nvidia's earnings for key information on trends in artificial intelligence and the demand for chips. The company's stock was up 1.6% in premarket activity.Traders digested the latest round of earnings, with Analog Devices (ADI) posting higher fiscal Q2 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3.9% at $107.67 per barrel and US West Texas Intermediate crude 3.3% lower at $100.96 per barrel.The Atlanta Fed Business Inflation Expectations survey for May is scheduled for release at 10 am ET. The Federal Reserve will release the minutes of its most recent policy meeting at 2 pm.Fed Governor Michael Barr is slated to speak on Wednesday.In other world markets, Japan's Nikkei closed 1.2% lower, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, gains of major chip firms AMD (AMD), Micron Technology (MU), and Intel (INTC) helped propel the wider semiconductor sector. AMD stock was up 2.4%, Micron shares rose 3.8%, and Intel stock was up 4.8%.On the losing side, Lowe's (LOW) stock was down 1.2% despite reporting higher fiscal Q1 adjusted earnings and sales. Energy firms Exxon Mobil (XOM), BP (BP), and Equinor (EQNR) saw their stocks drop as oil prices declined. Exxon Mobil shares were down 0.9%, BP stock fell 1.1%, and Equinor shares were down 1.6%.

Dow JonesNasdaq CompositeS&P 500$ADI$AMD$BP$EQNR$INTC$LOW$MU$NVDA$XOM
Japan

US Equity Futures Rise Pre-Bell Amid Chip Sector Gains as Traders Await Nvidia Earnings

US equity futures were higher pre-bell Wednesday as traders anticipated Nvidia's (NVDA) fiscal Q1 financial results, expected after the closing bell, amid share gains in the broader chip sector.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.7% higher.Investors look forward to Nvidia's earnings for key information on trends in artificial intelligence and the demand for chips. The company's stock rose 1.5% in premarket activity.Traders digested the latest round of earnings, with Analog Devices (ADI) posting higher fiscal Q2 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2% at $109.06 per barrel and US West Texas Intermediate crude 1.8% lower at $102.33 per barrel.The Atlanta Fed Business Inflation Expectations survey for May is scheduled for release at 10 am ET. The Federal Reserve releases minutes of its most-recent policy meeting at 2 pm.Fed Governor Michael Barr is slated to speak on Wednesday.

Dow JonesNasdaq CompositeS&P 500$ADI$NVDA
Stocks Gain Pre-Bell Ahead of Nvidia Earnings, Fed Meeting Minutes
US Markets

Stocks Gain Pre-Bell Ahead of Nvidia Earnings, Fed Meeting Minutes

The main US stock measures were pointing higher in Wednesday's premarket activity as traders await tech bellwether Nvidia's (NVDA) latest financial results and minutes of the Federal Reserve's last policy meeting.The S&P 500 rose 0.4%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.7% before the opening bell. The indexes finished Tuesday trading lower, with the Nasdaq and S&P 500 recording losses for a third consecutive session.Shares of Nvidia increased 1.8% pre-bell, with the chipmaker scheduled to report its fiscal first-quarter results after the markets close. The current consensus on FactSet is for the company to report non-GAAP earnings of $1.75 per share and revenue of $78.91 billion for the quarter.Nvidia's sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East war is fueling uncertainty around the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate unchanged at its next policy meeting in June, according to the CME FedWatch tool.Treasury yields were down before the open, with the two-year rate retreating 3.3 basis points to 4.09% and the 10-year rate declining 1.8 basis points to 5.16%.President Donald Trump reportedly said Tuesday that the US may need to resume military strikes against Iran. Earlier in the week, Trump said the US postponed a planned attack on Tehran after leaders of Saudi Arabia, Qatar and the United Arab Emirates urged restraint amid "serious" ongoing negotiations.West Texas Intermediate crude oil decreased 1.9% to $102.17 a barrel in premarket action, while Brent dropped 2% to $109.02.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the EIA domestic petroleum inventories report at 10:30 am. Fed Governor Michael Barr is slated to speak at 9:15 am.Analog Devices (ADI), TJX (TJX), Lowe's (LOW), Target (TGT) and Hasbro (HAS) are expected to post their earnings before the bell, among others. Intuit (INTU), Nordson (NDSN) and Urban Outfitters (URBN) release their results after the markets close.Gold nudged 0.4% lower to $4,493 per troy ounce, while bitcoin gained 0.9% to $77,457.

Dow JonesNasdaq CompositeS&P 500$ADI$HAS$INTU$LOW$NDSN$NVDA$TGT$TJX$URBN
Japan

CBOE Volatility Index Slips Pre-Bell as Treasury Yields Drop While Investors Await Nvidia Earnings, FOMC Minutes

$NVDA
Nasdaq, S&P 500 Fall For Third Day as Yields Jump
US Markets

Nasdaq, S&P 500 Fall For Third Day as Yields Jump

The Nasdaq Composite and the S&P 500 fell for a third consecutive session on Tuesday and Treasury yields jumped, while traders assessed US President Donald Trump's latest remarks on the conflict with Iran.The Nasdaq declined 0.8% to close at 25,870.7, while the S&P 500 lost 0.7% to 7,353.7. The Dow Jones Industrial Average dropped 0.7% to 49,363.9. Six of the 11 sectors ended in the red, led by materials' 2.3% decline, while healthcare paced the gainers."Investors are still navigating a market shaped by geopolitics, oil prices, and rising bond yields," Saxo Bank said in a report.US Treasury yields were higher in Tuesday late-afternoon trade, with the 10-year rate up 4.2 basis points at 4.67% and the two-year rate rising 2.6 basis points to 4.12%.Global bond yields have climbed, which could be attributed to the rise in long-term inflation expectations, particularly in the US, Macquarie said in a report."That's making nominal coupon-paying assets less attractive, and putting upward pressure on long-term yields," Thierry Wizman, global foreign exchange and rates strategist at Macquarie, said. "Aggravating this move in the US is that the (Federal Reserve) has been late to signal that it has moved toward a neutral policy bias, let alone a tightening bias."West Texas Intermediate crude was last down 0.8% at $107.77 per barrel, while Brent fell 0.9% to $111.09.Trump told reporters Tuesday that the US may need to strike Iran again, Reuters reported.That followed his statement on Monday that the US had postponed a planned military strike on Iran amid ongoing negotiations.The delay would last for "a limited period of time," CNN reported, citing Trump."Oil prices are gyrating between yesterday's increase after tough talk from Trump over the weekend and today's slight pullback after Trump said he held off on launching additional attacks on Iran following appeals from Gulf states," Scotiabank said in a note earlier in the day.Washington and Tehran have had a series of talks, but are yet to finalize a framework on a peace deal."The net effect is that oil prices have been higher since Friday and this reflects the general perception that there is no traction in negotiations," Scotiabank said. "Nor should any progress be expected in what is likely to be a stalemate."In company news, Home Depot (HD) reported fiscal first-quarter results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook. The company's shares rose 0.9%.Nvidia (NVDA) shares ended a choppy session 0.8% lower. The chipmaking giant is scheduled to report results after the closing bell Wednesday.Nvidia's fiscal first-quarter sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday.Gold was down 1.2% at $4,504.40 per troy ounce, while silver lost 3.6% to $74.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$HD$NVDA
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 0.7%.The Philadelphia Semiconductor index added 0.2%.In corporate news, Intel (INTC) is urging notebook and personal computer makers to increase adoption of central processing units built on its latest 18A production process as demand for AI computing strains processor supply, Nikkei Asia reported. Intel shares were up 3.1%.Apple's (AAPL) Chief Hardware Officer Johny Srouji is reorganizing hardware development and shifting oversight of core functions to speed up work on future devices, Bloomberg reported. Apple shares were fractionally higher.Nvidia's (NVDA) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said. Nvidia shares were down 0.5%.Meta Platforms (META) is moving 7,000 employees into new AI-focused roles as part of a broader restructuring that also includes planned job cuts later this week, Bloomberg reported Monday. Meta shares fell 1.5%.

$AAPL$INTC$META$NVDA
Wire

Market Chatter: Amazon Gains Ground in AI Chip Development

Amazon.com's (AMZN) long-running effort to develop an alternative to Nvidia's (NVDA) AI chips is starting to gain ground, The Information reported Tuesday.Anthropic and OpenAI have agreed to rent large amounts of current and future Trainium capacity from Amazon, and recent software improvements are prompting smaller developers to consider shifting workloads to the chip, the report said.Amazon did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $259.35, Change: $-5.51, Percent Change: -2.08%

$AMZN$NVDA
Equity Markets Fall Intraday as Traders Monitor Middle East Developments
US Markets

Equity Markets Fall Intraday as Traders Monitor Middle East Developments

US benchmark equity indexes were lower and Treasury yields jumped after midday Tuesday as traders continued to monitor developments in the Middle East.The Nasdaq Composite was down 0.4% at 25,989.8 intraday, while the S&P 500 fell 0.2% to 7,385. The Dow Jones Industrial Average dropped 0.2% to 49,578.5. Among sectors, materials saw the biggest drop, while healthcare paced the gainers.US Treasury yields were higher intraday, with the 10-year rate up 8.2 basis points at 4.67% and the two-year rate rising 7.8 basis points to 4.14%.In a social media post on Monday, President Donald Trump said the US postponed a planned military strike on Iran amid "serious" ongoing negotiations. Trump, however, cautioned that the US will proceed with a large-scale attack if a deal is not reached.Trump told reporters Tuesday that the US may need to strike Iran again, Reuters reported.West Texas Intermediate crude was down 0.1% at $108.61 per barrel intraday Tuesday, while Brent fell 1.1% to $110.86."Oil prices are gyrating between yesterday's increase after tough talk from Trump over the weekend and today's slight pullback after Trump said he held off on launching additional attacks on Iran following appeals from Gulf states," Scotiabank said in a note.Washington and Tehran have had a series of talks, but are yet to finalize a framework on a peace deal."The net effect is that oil prices have been higher since Friday and this reflects the general perception that there is no traction in negotiations," Scotiabank said. "Nor should any progress be expected in what is likely to be a stalemate."In company news, Home Depot (HD) reported fiscal first-quarter results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook. The company's shares were up 0.4% intraday.Nvidia (NVDA) shares were up 0.7% intraday, recovering from a slide earlier in the session.The chipmaking giant's fiscal first-quarter sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday. Nvidia is scheduled to report results after the closing bell Wednesday.Gold was down 1.2% at $4,504.40 per troy ounce, while silver lost 3.6% to $74.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$HD$NVDA
Sectors

Sector Update: Tech Stocks Mixed in Afternoon Trading

Tech stocks were mixed Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) falling 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 1.3%.The Philadelphia Semiconductor index climbed 0.8%.In corporate news, Nvidia's (NVDA) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said. Nvidia shares were little changed.Meta Platforms (META) is moving 7,000 employees into new AI-focused roles as part of a broader restructuring that also includes planned job cuts later this week, Bloomberg reported Monday. Meta shares fell 1.5%.ASML (ASML) plans to begin receiving chip equipment made by its newest machines within months, Reuters reported, citing CEO Christophe Fouquet. ASML shares fell 0.5%.

$ASML$META$NVDA
Nvidia Poised for First-Quarter Sales Outperformance, BofA Says
US Markets

Nvidia Poised for First-Quarter Sales Outperformance, BofA Says

Nvidia's (NVDA) fiscal first-quarter sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday.The brokerage expects the technology bellwether to outperform sales estimates by 2% to 4%, or about $2 billion to $4 billion, relative to current sell-side expectations for the three-month period, in line with historical trends.In February, Nvidia projected first-quarter consolidated revenue at $78 billion, plus or minus 2%. The current consensus on FactSet is for $78.91 billion.The chipmaking giant is scheduled to report results after the closing bell Wednesday.Beyond the company's key financial metrics, investor focus is expected to be on its potential for "enhanced" cash returns, among other things, BofA analyst Vivek Arya said in a note to clients."While (free cash flow) returns are not the only driver of stock performance, we do believe they expand ownership and signal durability, especially when investors start to get concerned about the sustainability of growth," Arya wrote. "(Nvidia's) FCF returns averaged only 47% in the past three years, well below peers returning on average 80% and even below (Nvidia's) own 80% average in the prior decade."Instead, the company's investments have been focused on the AI ecosystem and have been "unfairly" seen as circular or vendor financing, according to the note. "Boosting shareholder returns could expand ownership, close (Nvidia's) valuation gap and minimize circularity concerns."The company has several factors, such as its product and customer breadth, which help establish "an unparalleled standardized infrastructure" that would be tough for other merchant or custom chip competitors to overtake, BofA said. The company is expected to sustain a roughly 70% revenue share in an estimated $1.7 trillion AI total addressable market by 2030, according to the note.The brokerage maintained its buy rating on the Nvidia stock, with a $320 price objective, citing its "dominance in the fastest growing tech market and its compelling valuation."Nvidia shares were up 0.6% in Tuesday afternoon trade, bringing its year-to-date gains to 20%.Recently, Wedbush Securities and RBC Capital Markets projected Nvidia would deliver another strong quarter and issue an upbeat guidance for the current three-month period.Price: $222.77, Change: $+0.44, Percent Change: +0.20%

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Wire

Nvidia Could Expand Ownership With Increase Shareholder Returns, BofA Securities Says

Nvidia (NVDA) could expand ownership, ease circularity concerns, and close its valuation gap versus peers by increasing shareholder returns, BofA Securities said in a Tuesday note.The company's large existing positioning has been a headwind, and BofA Securities said other tech majors have addressed this and added incremental investors by winning income-oriented investors with higher cash returns.Nvidia's shareholder returns made up 47% of its free cash flow from 2022 to 2025, compared with peers' 80%, the brokerage noted. Instead, investments continued to focus on the company's technology ecosystem, fueling concerns over circular/vendor financing, BofA Securities added.The company is still expected to deliver its historical sales outperformance of 2% to 4% as it reports its fiscal Q1 results on May 20, the investment firm said.BofA Securities maintained Nvidia as a top pick, and reiterated its buy rating and $320 price target on the company.Price: $221.02, Change: $-1.30, Percent Change: -0.58%

$NVDA
Asia Markets

Tech Stock Sell-Off, Continued Middle East Standoff Drag US Equity Futures Pre-Bell

US equity futures were edging lower pre-bell Tuesday as technology stocks suffered losses and the Middle East impasse continued with no end in sight.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.5%, and Nasdaq futures were 0.9% lower.Sell-offs in technology stocks weighed on the broader market. Nvidia (NVDA), slated to report after-bell Wednesday, saw its stock drop 0.8%.President Donald Trump said in a post on Truth Social that he called off a scheduled attack on Iran for Wednesday due to requests from Qatari Emir Tamim bin Hamad Al Thani, Saudi Crown Prince Mohammed bin Salman, and UAE President Mohammed bin Zayed Al Nahyan. The leaders said that "serious negotiations" are underway and a potential deal could be made, according to Trump.Traders noted the latest round of earnings, with Home Depot (HD) posting lower fiscal Q1 adjusted earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.6% at $110.27 per barrel and US West Texas Intermediate crude 1% lower at $103.32 per barrel.Pending home sales for April, scheduled for release at 10 am ET, are expected to be up 1% after a gain of 1.5% in the prior month, according to estimates compiled by Bloomberg.Federal Reserve Philadelphia President Anna Paulson, acting Atlanta President Cheryl Venable and Governor Christopher Waller speak on Tuesday.In other world markets, Japan's Nikkei closed 0.4% lower, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 0.9% higher. Meanwhile, the UK's FTSE 100 was up 0.6%, and Germany's DAX index was 1.3% higher in Europe's early afternoon session.In equities, joining Nvidia in the technology stock sell-off were chip firms Taiwan Semiconductor (TSM), Broadcom (AVGO), and Micron Technology (MU). Taiwan Semiconductor stock was down 1.5%, Broadcom shares fell 1.4%, and Micron Technology stock was down 1.9%,On the winning side, Sony (SONY) shares were up 2% after the company said in a post on X that it will raise PlayStation Plus subscription prices for new customers in select regions starting Wednesday, citing market conditions. Equinor (EQNR) stock was up 2.3% after the company said it will supply Eneco with natural gas from Norway's continental shelf for a five-year period. Workday (WDAY) shares were up 2.6% following a Reuters report citing the company's India President Sunil Jose as saying Workday intends to sustain its rapid hiring rate in India while increasing artificial intelligence investments and opening additional offices.

Dow JonesNasdaq CompositeS&P 500$AVGO$EQNR$HD$MU$NVDA$SONY$TSM$WDAY
Japan

Tech Stock Sell-Off, Continued Middle East Standoff Weigh on US Equity Futures Pre-Bell

US equity futures were edging lower pre-bell Tuesday as technology stocks suffered losses and the Middle East impasse continued with no end in sight.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.3%, and Nasdaq futures were 0.6% lower.Sell-offs in technology stocks weighed on the broader market. Nvidia (NVDA), slated to report after-bell Wednesday, saw its stock drop 0.9%.President Donald Trump said in a post on Truth Social that he called off a scheduled attack on Iran for Wednesday due to requests from Qatari Emir Tamim bin Hamad Al Thani, Saudi Crown Prince Mohammed bin Salman, and UAE President Mohammed bin Zayed Al Nahyan. The leaders said that "serious negotiations" are underway and a potential deal could be made, according to Trump.Traders noted the latest round of earnings, with Home Depot (HD) posting lower fiscal Q1 adjusted earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.1% at $110.83 per barrel and US West Texas Intermediate crude 0.6% lower at $103.76 per barrel.Pending home sales for April, scheduled for release at 10 am ET, are expected to be up 1% after a gain of 1.5% in the prior month, according to estimates compiled by Bloomberg.Federal Reserve Philadelphia President Anna Paulson, acting Atlanta President Cheryl Venable and Governor Christopher Waller speak on Tuesday.

Dow JonesNasdaq CompositeS&P 500$HD$NVDA
Equity Markets Mixed as Trump Aborts Plan to Attack Iran
US Markets

Equity Markets Mixed as Trump Aborts Plan to Attack Iran

US equity markets closed mixed Monday as President Donald Trump said the US was postponing a plan to attack Iran on Tuesday.The Nasdaq Composite declined 0.5% to 26,090.7, while the Dow Jones Industrial Average rose 0.3% to 49,686.1. The S&P 500 closed 0.1% lower at 7,403.1. Most sectors were in the green, led by energy, while technology saw the steepest decline.Trump said the US will hold off on its planned military attack against Iran that was previously scheduled for Tuesday, according to his social media post on Monday.Trump said Middle Eastern leaders, including Saudi Arabia Crown Prince Mohammed bin Salman, asked the US president to call off the attack amid "serious" ongoing negotiations to end the Washington-Tehran conflict.Trump, however, cautioned that the US will "go forward with a full, large scale assault of Iran" if a deal is not reached.Brent crude fell 0.4% to $108.85 per barrel in Monday late-afternoon trade, while West Texas Intermediate crude was last up 0.9% at $106.34 per barrel.Trump's latest rhetoric follows reports that Iran had provided an updated proposal for a deal to end the war. The White House indicated it doesn't reflect a meaningful improvement from a previous offer, Axios reported Monday, citing a senior US official and a source briefed on the matter.The Strait of Hormuz -- the world's most important chokepoint for crude flows -- remains largely shut as tensions between the US and Iran continue, with no end in sight."Progress on US-Iran peace talks continues to be immaterial, with both parties expressing a willingness to resume overt hostilities if the talks fail," Tudor Pickering Holt Analyst Matt Portillo said in a note sent earlier in the day.US Treasury yields were little changed in Monday late-afternoon trade, with the 10-year rate at 4.59% and the two-year rate at 4.07%.Nvidia (NVDA) shares fell 1.3%, the second-worst performer on the Dow. The chipmaking giant is expected to exceed Wall Street's first-quarter estimates and guide above consensus amid positive data points, Wedbush Securities said.Nvidia is scheduled to release its latest quarterly results after the markets close Wednesday.Retail giants Walmart (WMT), Home Depot (HD), TJX (TJX), Lowe's (LOW) and Target (TGT) are also expected to report this week. Home Depot and Lowe's are likely to lower their full-year guidance as the home improvement retailers face pressure from weak consumer sentiment, Oppenheimer said in a note.NextEra Energy (NEE) and Dominion Energy (D) agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion shares jumped 9.4%, the second-biggest gainer on the S&P 500, while NextEra fell 4.6%.In economic news, US homebuilder confidence unexpectedly rose this month despite elevated mortgage rates, macro uncertainty and continued affordability challenges, data from the National Association of Home Builders and Wells Fargo showed."Soft homebuilder sentiment is consistent with our view that housing starts will mostly move sideways for the next couple of quarters before starting to edge up slightly around year-end, when we expect mortgage rates to be lower as the (Federal Reserve) implements the first of two rate cuts we expect," Oxford Economics said in a note.Gold was up up 0.1% at $4,564.40 per troy ounce in Monday late-afternoon trade, while silver rose 0.3% to $77.80 per ounce.

Dow JonesNasdaq CompositeS&P 500$D$HD$LOW$NEE$NVDA$TGT$TJX$WMT
Nvidia Likely to Top Estimates, Offer Strong Guide, Wedbush Says
US Markets

Nvidia Likely to Top Estimates, Offer Strong Guide, Wedbush Says

Nvidia (NVDA) is expected to exceed Wall Street's first-quarter estimates and guide above consensus amid positive data points, Wedbush Securities said in a client note on Monday.The brokerage expects the technology bellwether to report earnings of more than $1.80 per share, ahead of its $1.74 estimate. Revenue is seen beating Wedbush's $78.01 billion first-quarter revenue estimate by at least $2 billion, according to the brokerage.Wedbush expects second-quarter EPS of $1.84 on sales of $82.12 billion. The company is scheduled to release its latest quarterly results Wednesday."We fully expect the leading supplier of (artificial intelligence) silicon will again exceed estimates and guide above Street given continued positive data points through (the calendar first quarter)," Wedbush analysts Matt Bryson and Antoine Legault said.The brokerage expects healthy AI infrastructure spending to likely continue through 2027."While there remain some potential industry-wide speed bumps (Middle East plans amidst the war, uncertainty around future opportunities in China), if anything, we see the potential/eventual resolution of these issues as catalysts for increased future spend," Bryson and Legault added.RBC Capital Markets last week projected Nvidia would deliver another strong quarter amid robust compute demand and issue an upbeat revenue guidance for the ongoing three-month period.Wedbush pointed out Nvidia's supply chain resilience amid industry-wide bottlenecks in areas like advanced logic, memory, optical transceivers and hard disk drives."During our conversations with a variety of supply chain participants, we have encountered numerous bottlenecks that are throttling (or threatening to throttle) builds and deployments for a variety of specific participants in the AI ecosystem," Bryson wrote. "(Nvidia), however, to date has not been among those struggling with supply chain."Wedbush reiterated its outperform rating on Nvidia's stock and maintained the $300 price target.Price: $222.05, Change: $-3.27, Percent Change: -1.45%

$NVDA
Equities Mixed Intraday, Oil Rises as Traders Track Middle East Developments
Wire

Equities Mixed Intraday, Oil Rises as Traders Track Middle East Developments

US benchmark equity indexes were mixed after midday Monday as oil prices rose amid new developments in the Middle East conflict, while traders braced for Nvidia's (NVDA) latest financial results due out later in the week.The Nasdaq Composite was down 0.7% at 26,049.9 intraday, while the S&P 500 shed 0.3% to 7,387.2. The Dow Jones Industrial Average was 0.1% higher at 49,571.2. Most sectors were in the green, led by energy, while technology saw the steepest decline.West Texas Intermediate crude was up 1.5% at $107.01 per barrel, while Brent rose 1.4% to $110.84.Iran has provided an updated proposal for a deal to end the war with the US, though the White House indicated it doesn't reflect a meaningful improvement from a previous offer and is insufficient, Axios reported Monday, citing a senior US official and a source briefed on the matter.The Strait of Hormuz -- the world's most important chokepoint for crude flows -- remains largely shut as tensions between the US and Iran continue, with no end in sight. Over the weekend, US President Donald Trump said the "clock is ticking" for Iran to strike a deal.US Treasury yields were mixed intraday Monday, with the 10-year rate up 1.2 basis points at 4.61% and the two-year rate little changed at 4.08%.Nvidia shares were down 1.8%, the second-worst performer on the Dow. The chipmaking giant -- which is scheduled to release its latest quarterly results after the markets close Wednesday -- is considered by many investors as the "scoreboard" for the artificial intelligence boom, Saxo Bank said in a note Monday."The company does not only need to show that demand remains strong. It may need to show that demand is still accelerating, margins remain resilient, competition risk is contained, supply constraints are manageable, and China risk is manageable," Saxo said. "That is a high bar. And when the bar is high, even good news can create volatility."Retail giants Walmart (WMT), Home Depot (HD), TJX (TJX), Lowe's (LOW) and Target (TGT) are also expected to report this week.Home Depot and Lowe's are likely to lower their full-year guidance as the home improvement retailers face pressure from weak consumer sentiment, Oppenheimer said in a note.NextEra Energy (NEE) and Dominion Energy (D) agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion shares were up 8.6% intraday Monday, the second-biggest gainer on the S&P 500, while NextEra fell 6.6%.In economic news, US homebuilder confidence unexpectedly rose this month despite elevated mortgage rates, macro uncertainty and continued affordability challenges, data from the National Association of Home Builders and Wells Fargo showed."Soft homebuilder sentiment is consistent with our view that housing starts will mostly move sideways for the next couple of quarters before starting to edge up slightly around year-end, when we expect mortgage rates to be lower as the (Federal Reserve) implements the first of two rate cuts we expect," Oxford Economics said in a note.Gold was down 0.2% at $4,553.40 per troy ounce, while silver fell 0.2% to $77.41 per ounce.

Dow JonesNasdaq CompositeS&P 500$D$HD$LOW$NEE$NVDA$TGT$TJX$WMT
Wire

Market Chatter: Dell Added 1,000 AI Factory Customers Last Quarter

Dell Technologies' (DELL) AI Factory added 1,00 customers in the past quarter, bringing the total to 5,000 for its product line of servers used to power artificial intelligence work with Nvidia's (NVDA) chips, software and services, Bloomberg reported Monday, citing an interview with Chief Executive Michael Dell.Eli Lilly (LLY), Honeywell International (HON) and Samsung are among its customers, the report said. Dell had about 4,000 clients when it reported its quarterly results in February.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $239.90, Change: $-2.09, Percent Change: -0.87%

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Wire

Update: Morgan Stanley Lifts Price Target on Nvidia to $285 From $260, Maintains Overweight Rating

(Updated to include Morgan Stanley's commentary)Morgan Stanley raised its price target on Nvidia (NVDA) to $285 from $260 ahead of the company's upcoming earnings on Wednesday.The brokerage expects a typical beat and raise and a bullish tone on key debates, including market share versus ASIC, gross margin, and rubin readiness.The brokerage moved the company back to top-pick in semis in March, believing its below-market multiple offered an attractive entry point in the primary generative AI winnerNvidia has an average rating of buy and mean price target of $274.39, according to analysts polled by FactSet.Price: $222.17, Change: $-3.16, Percent Change: -1.40%

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Wire

Nvidia Likely to Post Fiscal Q1 Beat on AI Spend, Supply Chain Edge, Wedbush Says

Nvidia (NVDA) is likely to post a fiscal Q1 beat due to positive data points through the quarter, healthy ongoing AI infrastructure spend and superior supply chain certainty amid ongoing constraints, Wedbush Securities said in a Monday research report.The healthy AI spending backdrop is driven by the rising growth rate of CSP investments and neocloud investments, as well as expectations of data center buildouts to expand in 2027, analysts wrote.The company is scheduled to report its fiscal Q1 results Wednesday.Multiple bottlenecks are throttling builds and deployments for participants in the AI ecosystem, but Nvidia remains largely insulated from supply chain disruptions, according to the note.Considering Nvidia's superior supply chain positioning, revenue shortfalls or meaningful share gains by rivals appear unlikely as long as end-market growth for AI remains robust and components remain constrained, Wedbush added.For Q2, the company will generate absolute revenue growth in the low double-digit billions, implying that it will likely guide to the upper $80 billions with the high end at more than $90 billion. The investment firm said such sales levels would push its EPS outlook close to $2.Wedbush reiterated its outperform rating on the stock and maintained its price target of $300 per share.Price: $221.96, Change: $-3.36, Percent Change: -1.49%

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New Drone Incidents in Middle East Keep Tensions High, Nudge US Equity Futures Pre-Bell Lower

US equity futures were lower pre-bell Monday as tensions remain high in the Middle East after the UAE and Saudi Arabia reported fresh drone incidents on Sunday, raising traders' concerns around a return to hostilities in the region.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.1% lower.The UAE defense ministry said that a drone attack from the "western border" had caused a fire at a nuclear plant, while Saudi Arabia reported intercepting three drones that entered from the airspace of Iraq.President Donald Trump in a post on Truth Social urged Iran to "get moving" with regard to ending the conflict. "For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them," he said.Among the companies reporting financial results this week are Home Depot (HD), Nvidia (NVDA), Analog Devices (ADI), and Walmart (WMT).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.7% at $108.66 per barrel and US West Texas Intermediate crude 0.8% lower at $100.25 per barrel.The May US housing market index, slated for 10 am ET, is seen coming in at 34, unchanged from the prior month, according to estimates compiled by Bloomberg.Cheryl Venable, interim president of the Federal Reserve Bank of Atlanta, is slated to speak on Monday.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.1% lower, and China's Shanghai Composite finished 0.1% lower. Meanwhile, the UK's FTSE 100 was up 0.5%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, Dominion Energy (D) shares jumped 15% after the company and NextEra Energy (NEE) said they agreed to combine in an all-stock deal. ServiceNow (NOW) stock was up 5.1% after the company and Experian said they launched a multiyear partnership on autonomous AI agents across various platforms. Baidu (BIDU) shares were up 4.2% after the company posted Q1 non-GAAP earnings and revenue that surpassed analysts' consensus.On the losing side, Tesla (TSLA) stock was down 0.9% after the company reportedly raised prices for several Tesla Model Y variants in the US, media outlets reported Saturday. Regeneron Pharmaceuticals (REGN) shares were 12% lower after the company said its phase 3 skin cancer trial evaluating two dose levels of fianlimab in combination with cemiplimab failed to meet a primary endpoint. NextEra Energy stock was down 1.3% after the merger with Dominion Energy was announced.

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