Live Nasdaq Composite: Markets Cautious Ahead of Big Earnings After Markets Close
Key Points
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Stocks are playing it safe today ahead of Nvidia’s highly anticipated quarterly results.
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GameStop is adding bitcoin to its balance sheet.
Live Updates
Chips & China
Shares of chip design companies Cadence Design (Nasdaq: CDNS | CDNS Price Prediction) and Synopsys (Nasdaq: SNPS) are sharply lower, sinking 10.2% and 9.4%, respectively, after the Trump administration reportedly told them to stop supplying chip design software to China, according to a report in the FT. The report suggests that the Trump administration’s directive is an attempt to slow China’s progress in tech innovation and comes as the stock market was finally pivoting away from tariff headlines. The Nasdaq Composite finished the trading session down 0.51%.
Biotech Benefits from Generative AI
Wall Street firm Jefferies believes certain biotechnology stocks are poised to benefit from AI advancements. Analyst Michael Yee told CNBC that the sector is likely to save billions of dollars as well as time in getting drugs to market thanks to the role of generative AI in drug discovery. The firm is bullish on biotech stocks for the rest of 2025, saying any bad news is already built into the sector. The Nasdaq Composite is basically flat ahead of Nvidia’s earnings.
Market Update
Stocks are continuing to play it safe in today’s trading session, with the three major stock market averages fractionally lower across the board. VP JD Vance is headlining today’s Bitcoin 2025 event, but it’s doing little to lift the BTC price, which is up about 0.17%. Nvidia (Nasdaq: NVDA) stock is up 0.33% today ahead of its quarterly earnings report due out this afternoon. The markets have come to expect Nvidia beating expectations and raising its guidance on strong AI and chip demand. Demand has been strong, but one area of concern is a write-down tied to China revenues. The Nasdaq Composite is currently down 0.09%.
Personal Income & Spending Preview
The markets will receive another dose of economic data on Friday when the Personal Income and Spending report for the month of April is released. The report will come on the heels of strong consumer spending in March. Wells Fargo economists forecast personal income growth of 0.3% and personal spending to rise 0.2%. The Nasdaq Composite is down 0.18%.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are playing it cautious following yesterday’s strong rally fueled by EU import tariff delays. Today all eyes are on corporate America, more specifically semiconductor leader Nvidia (Nasdaq: NVDA), which reports its highly anticipated quarterly results after the closing bell. Stocks are showing little conviction in early morning trading, with the Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all posting fractional gains.
The Magnificent Seven stocks are little changed, with Meta Platforms (Nasdaq: META) posting a 1% gain and the rest of the group trading mixed. GameStop (NYSE: GME) is down 3.5% on the day after expanding its footprint into the cryptocurrency markets with its maiden bitcoin purchase worth over $500 million, taking a page from the books of MicroStrategy (Nasdaq: MSTR) and Tesla (Nasdaq: TSLA).
ARK Invest has unloaded some TSLA shares while buying more Nvidia ahead of the AI leader’s earnings report. Elon Musk attempted to reassure investors by posting that he is working around the clock.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 54.20 (+0.13%)
Nasdaq Composite: Up 43.57 (+0.23%)
S&P 500: Up 9.99 (+0.17%)
Market Movers
Retailer Macy’s (NYSE: M) is down 2.7% today after slashing its profit forecast amid tariff-related headwinds and consumer skittishness.
On the flip side, Abercrombie & Fitch (NYSE: ANF) is soaring by 25.9% after handily surpassing Q1 earnings estimates.
Joby Aviation (NYSE: JOBY), an electric air taxi company, is up 26% after receiving a $250 million strategic investment from automaker Toyota Motor.
After the stock initially climbed above $127 per share, Identity management company Okta (Nasdaq: OKTA) is experiencing a 12% decline on the heels of its quarterly results amid profit taking.
Fair Isaac Corp (NYSE: FICO) is recouping recent losses and is up 6.8% today.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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