US equity indices edged positive Tuesday afternoon to finish at best levels of the day. Markets likely will tread water into NVDA earnings after the bell on Wednesday. Tuesday saw the Dow add 0.02% as the S&P 500 and Nasdaq both gained 0.16%.
At the sector level XLE and XLU were laggards for the day while XLK and XLF were top gainers adding > 0.50%. WTI Crude was down 2.4% after being up 3.5% on Monday to settle at $77.62. The Bloomberg Commodities Index maintained the 97 level after Monday’s big jump.
Treasury yields remained to the downside with the 2yr moving lower to 3.87% while the 10yr held the 3.81% level. Whether equities, fixed income or commodities, it seems markets are waiting for NVDA results before a next directional move can be attempted.
Beyond NVDA, CRWD and CRM report earnings tomorrow. CRWD has been slumping and will look for some change of fortunes as it reports its most recent quarter.
Eco Data Releases | Wednesday August 28th, 2024
No Events on the Calendar for Wednesday
S&P 500 Constituent Earnings Announcements by GICS Sector | Wednesday August 28th, 2024
If the XLK is inclined to continue as leadership amongst the Sector ETF’s it will need more than just semiconductors and AI. Software has been in a slump at the industry level, and names like CRWD and CRM are important to keep an eye on here. From a technical perspective CRWD is at a critical juncture. After missing last quarter and having some negative press/events drag the stock lower it has rallied into near-term resistance. A positive result is key as the chart below makes clear. A decisive move above $270 improves the chart and puts a retest of $350-400 back on the table.
Chart tips on NVDA?
The world’s most consequential stock reports today. From a technical perspective, the stock has a clean bill of health, charting a bullish reversal in the near term from its July pull-back. A move above $136 off its earnings report would confirm bullish reversal and would project intermediate-term targets towards the $185-190 range.
Data sourced from FactSet Data Systems
