Wall St Week Ahead-Nvidia results in focus as stock market's election boost stalls
A nearly 800% run in shares of Nvidia over the past two years, driven by its gold standard AI business, has propelled the semiconductor company to the world's top spot by market value.
That heft gives Nvidia huge sway in market benchmarks, such as the S&P 500 and Nasdaq 100, while its results on Nov. 20 will also be a gauge for the market's appetite for tech stocks, the AI trade and sentiment for equities broadly, investors said.
The benchmark S&P 500 has pulled back from record highs following the Nov. 5 U.S. election that gave Donald Trump a second term as president and his fellow Republicans control of Congress.
Markets are «looking for direction right now,» said Garrett Melson, portfolio strategist at Natixis Investment Managers. «If those results are pretty strong, that tells you that there's still momentum behind that investment and that trade and I think that helps to broaden out risk appetite.»
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