Stocks Shake Off War Angst Before Nvidia’s Results
Stocks rebounded in a volatile session marked by a flurry of geopolitical headlines, with Nvidia Corp. climbing in the run-up to its results.
The giant chipmaker at the forefront of the artificial-intelligence revolution rose 2.5%, leading gains in the S&P 500. A gauge of the “Magnificent Seven” megacaps advanced over 1%. Options trading implies an 8% move for Nvidia on earnings day — in either direction, according to Barclays Plc strategists including Stefano Pascale. They say that market is signaling the company’s results on Wednesday will be the most-important catalyst left this year — more than the Federal Reserve’s December meeting.
An earlier equity slide was driven by Ukraine’s move to carry out its first strike with US missiles in Russia and President Vladimir Putin’s approval of an updated nuclear doctrine.
“This market is fickle — don’t let it scare you out of stocks,” said Nancy Tengler at Laffer Tengler Investments. “Stocks ultimately trade on earnings and they have been great. I don’t recommend stocks ahead of earnings, but if NVDA sells off, jump in.”
The S&P 500 added 0.1%. The Nasdaq 100 rose 0.2%. The Dow Jones Industrial Average slipped 0.3%.
Source : Bloomberg
