Nasdaq Composite Live: All Eyes are on Nvidia Earnings
Key Points
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Nvidia – now the most valuable stock on the S&P 500 – will post earnings after the bell tomorrow.
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Analysts at Truist just upgraded AMD to a buy rating from hold, with a price target of $213.
Live Updates
Advanced Micro Devices up $5.50 in Premarket
Shares of AMD are pushing higher in premarket.
Up about $5.50, the tech giant is setting up for an impressive open. All after analysts at Truist just upgraded AMD to a buy rating from hold, with a price target of $213.
The firm cited a more “constructive view from the field,” as quoted by CNBC, pointing to hyperscale customers more regularly turning to AMD’s technology as an alternative to Nvidia. In premarket, AMD is up about $4.35 per share to $167.70. We’d like to see AMD test $175 a share near term.
Markets are slipping again.
At the moment, Dow futures are down 49 points. The S&P 500 is down about seven, with the Nasdaq slipping by about 34 points. Most of the downside is being blamed on President Trump’s removal of Federal Reserve Gov. Lisa Cook from the board of the central bank.
However, according to Cook and her attorney, they will challenge the termination.
“President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” Cook said in a statement, as quoted by CNBC.
As for its overall impact on the market, “In the immediate term, markets will probably get over the Cook news fairly quickly (assuming this is a discrete event and Trump doesn’t attempt to fire Powell), turning its attention back to Nvidia, the PCE, and jobs, but the Fed’s independence is undeniably being undermined, a process with negative long-term consequences,” said Adam Crisafulli, founder of Vital Knowledge,” as also quoted by CNBC.
All Eyes are on Nvidia Earnings Tomorrow
Nvidia – now the most valuable stock on the S&P 500 – will post earnings after the bell tomorrow. Analysts expect NVDA to post EPS of $1.01 on $46.13 billion in revenue.
As noted by Wedbush, as quoted by Seeking Alpha, “When Nvidia reports earnings this week on Wednesday after the bell, the tech world and Wall Street will be listening closely to every word from Jensen as we continue to believe from our Asia field checks that demand to supply is 10:1 for Nvidia’s golden chips.”
Analysts at Baird recently increased their price targets for NVDA, citing significant growth in GB200 shipments and upcoming product launches. Loop Capital Markets raised its price target to $250, as well. Analysts at CFRA also reiterated a buy rating on NVDA, raising its price target to $206 from $196 per share.
In premarket, NVDA is up about 70 cents.
Truist Just Upgraded Advanced Micro Devices
Analysts at Truist just upgraded AMD to a buy rating from hold, with a price target of $213.
The firm cited a more “constructive view from the field,” as quoted by CNBC, pointing to hyperscale customers more regularly turning to AMD’s technology as an alternative to Nvidia. In premarket, AMD is up about $4.35 per share to $167.70. We’d like to see AMD test $175 a share near term.
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