Wall Street Loses, Continued Picking of Fat Profits at Co. Nvidia ahead of quarterly results

21.2.2024 20:43, NVDA, EQT, PANW

American stock indexes lose, led by the technological Nasdaq, which depreciates over 1%, the broader S&P500 index weakens by 0.48% and the traditional Dow Jones index by 0.44%.

This is happening against the background of picking strong profits at the flagship in the field of artificial intelligence (AI), the manufacturer of graphics processors – spol. Nvidia (NVDA). The stock is down 3.6% ahead of the company’s quarterly results, which will be announced after the market closes today and will certainly influence the direction of the AI ​​segment and the entire technology sector in the coming days.

Markets also reflect the published minutes from the last Fed meeting, which indicated that the monetary committee will not rush to cut interest rates. Market yields moved higher across maturities today. The 10-year government bond is now trading at a yield of 4.32% (vs. 4.28% yesterday’s close).

In addition to the decline in the stock and bond markets, precious metals are also not dazzling. Silver weakens by 0.3% to $22.9/oz, gold maintains green zero at $2025.5/oz.

In the energy field, on the other hand, it is lively, led by natural gas, which broke away from previous lows and jumped 11.5% to USD 1.76/mmbtu after the announcement of production cuts by some major miners. Oil also added, up 1.1% to $77.9/barrel.

And it is precisely the energy sector that is at the forefront of sectoral growth in the S&P500 index with a gain of +1.6%. Utilities are also doing well (+1%). On the contrary, information technology found itself in the basement (-1.7%), further retreating from historical highs.

S&P500 constituent corporate movements continue to be dominated by quarterly results. The biggest inter-day change is shown by the company Palo Alto Networks (PANW), a leading cybersecurity player, tumbles 28% after downgraded outlook. The company’s shares thus moved back to November levels from historical highs. On the other hand, the best result is recorded by the energy company. EQT (EQT +11%) with a focus on gas production following a rally in the respective commodity.

S&P 500 index -0.48% to 4951.46 b. Strongest sectors S&PCurrencyWeakest sectors S&PCurrency

Energy
+1,6 %
Information Technology
-1,7 %

Utility
+1 %
Health care
-0,4 %

Reality
+0,4 %
Communication services
-0.3% Strongest shares S&PZmena Weakest shares S&PZmena

EQT Corp (EQT)
+11 %
Palo Alto Networks (PANW) -28 %

Garmin (GRMN)
+9,1 %
International Flavors & Fragrances (IFF)
-7,8 %

Coterra Energy (CTRA) +5.9%
Keysight Technologies (KEYS)
-7,5 %

Exelon Corp (EXC)
+3,8 %
Verisk Analytics (VRSK)
-4,8 %

Albemarle Corp (ALB)
+3,5 %
Paycom Software (PAYC)
-4,8 %

David Lamač, Fio banka, as

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