ZM - Nasdaq S&P 500 Futures Point To Nervy Start As Spotlight Shifts To Nvidia Earnings; Why This Analyst Says Record High May Not Be Far Off For Market | Benzinga
U.S. stocks could start the holiday-shortened week on a positive note, with the momentum from the past week likely to carry over. The developments around Friday’s boardroom coup at OpenAI and its implications for Microsoft Corp. (NASDAQ:MSFT) and other AI stalwarts could create some ripple in the tech space. More importantly, traders could look ahead to Nvidia Corp.’s (NASDAQ:NVDA) earnings due Tuesday after the market close to give a lift to the sector and the broader market.
Energy stocks are likely to gain ground amid oil’s strong rebound. Bond yields remain flattish to slightly up, and the Treasury auctions scheduled for the day remain on traders’ radar. Volume could be thin, as is typical of pre-holiday trade, lending less credence to the moves.
Cues From Past Week's Trading:
Tamer inflation and softer growth data points kept the market afloat in the week ended November 17, with the major averages posting solid weekly gains. After the inflation-induced sharp advances early in the week, the indices traded in a lackluster manner, although maintaining a positive bias. Negative reaction to some key earnings reports served as a drag.
US Index Performance In Week Ended Nov. 17
Index Performance (+/-) Value
Nasdaq Composite +2.37% 14,125.48
S&P 500 Index +2.24% 4,514.02
Dow Industrials +1.94% 34,283.10
Russell 2000 +5.42% 1,797.77
The Nasdaq Composite and the S&P 500 indices closed at their highest levels in 3-1/2 and 2-1/2 months, respectively. The Dow Industrials ended just shy of a three-month high hit last week.
Analyst Color:
As the S&P 500 Index trades 6.32% off its Jan. 4, 2022, high (intraday) of 4,818.62, an analyst at LPL Financial delved ...