In today’s market overview, the S&P 500 managed to break a three-day losing streak, signaling a potential shift in investor sentiment. The mid-day newsletter, Stocks @ Night, highlighted key developments that set the stage for tomorrow’s trading session and reflected on today’s market activity.
A notable focus was on Nvidia, where CEO Jensen Huang is scheduled to appear on “Squawk on the Street” during the 10 a.m. hour Eastern time. The tech giant recently released its fiscal first-quarter earnings, surpassing both earnings and revenue expectations. Nvidia also announced a substantial $80 billion share repurchase program, although its stock experienced a minor decline, dropping about 1% in after-hours trading. Despite the overall performance, shares are still down 5.5% from last week’s peak, even though they have gained approximately 12% since the beginning of May. CNBC’s Kristina Partsinevelos is expected to closely monitor Nvidia’s performance during the upcoming session.
In another major development, Elon Musk’s SpaceX is poised to start trading on the Nasdaq, following its recent filing to go public. The IPO could occur as early as next month, and CNBC’s Leslie Picker is leading the coverage. Key points from the filing include provisions for transferring shares and the potential for selling additional shares if the closing price exceeds certain thresholds. The IPO is anticipated to be the largest in history, under the ticker SPCX. Publicly traded funds such as the Fundrise Innovation Fund and Cathie Wood’s ARK Venture Fund have significant allocations in SpaceX, reflecting strong interest from investors.
In economic news, jobless claims figures will be released at 8:30 a.m. on “Squawk Box,” with the Dow Jones estimating around 210,000 claims. The market sentiment appears to lean towards a number lower than this estimate, signaling potential volatility on Thursday. Additionally, housing starts data, also set for release at 8:30 a.m., is projected to be around 1.42 million. With major housing-related stocks experiencing significant declines since February, CNBC’s Diana Olick will be watching for immediate reactions in the premarket.
On the corporate front, Walmart is expected to report its earnings before the market opens, having seen a 6% increase in shares over the past three months. Deere, on the other hand, has struggled, with shares down 17% from their February high, reflecting broader trends in the agricultural and manufacturing sectors.
Further insights will be provided by Stellantis CEO Antonio Filosa during an appearance on CNBC, as the automaker’s shares continue to show a significant year-to-date decline. In the tech sector, Spotify’s Co-CEO Gustav Soderstrom will also be featured on “Halftime Report,” discussing the company’s recent performance struggles.
In conclusion, while the market has shown slight recovery, a mixture of earnings reports, economic indicators, and IPO announcements are likely to drive significant activity in the coming days. CNBC’s continued coverage promises to shed light on these developments, offering investors actionable insights as they navigate the complex landscape. For those interested in building long-term wealth, CNBC Pro LIVE events and other resources are available to provide strategies for disciplined investing.
