Morning Update for Wednesday November 20, 2024

Stock futures are higher this morning as investors shifted their focus to a highly anticipated earnings report from Nvidia.

Markets are awaiting Nvidia’s third-quarter earnings report, scheduled for release after the market close, to gauge future demand for its new Blackwell AI chips, particularly after The Information reported on Sunday that these chips were experiencing overheating issues when connected to server racks designed to hold up to 72 chips.

Nvidia, which has nearly tripled in value this year, accounted for about 20% of the S&P 500's returns over the past year, according to BofA Global Research. The market's reaction to its results is expected to be crucial in determining Wall Street's trajectory heading into the year-end.

TJX, Palo Alto Networks, Target, and Snowflake are also set to report their quarterly figures today.

On the economic data front, markets will likely focus on U.S. Crude Oil Inventories data.

Super Micro Computer soared over +31% and was the top percentage gainer on the S&P 500 and Nasdaq 100 after the server maker appointed an independent auditor and submitted a compliance plan to Nasdaq.

According to a new study conducted by Qualtrics on behalf of Intuit Credit Karma, 49% of consumers feel stressed about affording the holidays this year, while 61% say that inflation and higher costs have significantly impacted their holiday spending budgets.

Maryland posted the WARN notice, citing 833 layoffs by Marriott. The company had recently said it had about 5,000 workers associated with the HQ, which would imply a 16% workforce reduction. Other cuts are happening worldwide.

WTI crude oil futures held above $69. Gold eased to around $2,620 per ounce while the yield on the US 10-year Treasury note stabilized around 4.4%. Bitcoin traded around $93k.

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