The Nasdaq 100 rose 0.3%, while the Dow Jones fell 0.2%. The Russell 2000 has outperformed since the US presidential election, gaining over 10% in November. Analysts expect continued growth in US stocks, driven by solid economic conditions and advancements in AI, despite potential market corrections. Corporate highlights include Intel's search for a new CEO, AT&T's profit growth predictions, and BlackRock's acquisition of HPS Investment Partners. Key economic events this week include US factory orders and the jobs report.
Aswath Damodaran, a finance professor at NYU’s Stern School of Business, asserts that the “Magnificent Seven” stocks are a strong buy during market corrections. He emphasizes their exceptional cash-generating capabilities, stating, “I have never seen cash machines as lucrative as these companies are,” and predicts their profitability will continue unabated.
Nvidia's third-quarter earnings exceeded expectations, with revenue soaring 94% year-on-year to $35.08 billion and net income rising 109% to $19.3 billion. However, shares fell 2.5% in extended trading as investors reacted to a slower growth rate compared to previous quarters, highlighting heightened expectations for the chipmaker. Meanwhile, Adani Group's shares plummeted following fraud charges against its chair, and the U.S. DOJ recommended Google divest its Chrome browser amid monopoly concerns.
Nvidia reported a 94% year-on-year revenue surge to $35.08 billion for the third quarter, with net income rising 109% to $19.3 billion. Despite beating expectations, shares fell 2.5% in extended trading, as investors reacted to a slower growth rate compared to previous quarters. The company anticipates continued strong demand for its Blackwell chip, but expectations have heightened, leading to a desensitization to its remarkable performance.
Stock futures remained largely unchanged as investors reacted to Nvidia's earnings report, which, despite beating expectations, saw shares drop nearly 2%. Snowflake surged over 18% after also exceeding earnings forecasts. The Dow is on track to underperform this week, while the S&P 500 and Nasdaq Composite have seen gains.
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