The S&P 500 advanced ahead of Nvidia’s result which is out after market – looks a beat with positive forward guidance – which should be good enough for the bulls. The options market is pricing in about a 5% swing in either direction for Nvidia the day after earnings. The stock has fallen in each session that followed its last two reports. Nvidia rose +1.8% ahead of its earnings report, while we also got results from software heavyweights Salesforce and Snowflake. The updates come at a fascinating time with investors questioning the future earnings power of many of the main players.
- We have pivoted on our S&P outlook, in line with our commentary on Wednesday, towards the NASDAQ and software stocks.
MM is now neutral towards the S&P 500 around 6950 in the short term
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