US stock market: Nvidia, Walmart, Target earnings, Federal Reserve policy to dictate S&P 500, Nasdaq, Dow Jones
The chip designer, which powered 20 per cent of the S&P 500's return over the past year, is expected to drive nearly 25 per cent of its EPS growth in the third quarter, according to BofA Global Research. Nvidia's shares fell 1.3 per cent after a report said its new AI chips were overheating in servers, as per a Reuters report.
«While Nvidia is the last of the Magnificent Seven to report, you’ve seen a nice broadening in earnings and attention,» said Carol Schleif, chief investment officer at BMO Family Office. «It'll be noteworthy, but it doesn’t feel like there's the same level of impetus around it as there was a quarter or two ago.»
Stock indexes have shed some of the sharp gains that followed Trump's decisive victory, but Wall Street remains fairly well-placed as 2024 winds down.
Rising expectations that the Federal Reserve will slow the pace of policy easing and uncertainty over the impact of Trump's cabinet appointments led to the S&P 500 and the Nasdaq logging their worst weekly losses in more than two months last week.
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