Stock Market Live November 19: S&P 500 (SPY) Running with Nvidia Earnings Ahead
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At the moment, the Dow is down about 72 points. The S&P 500 is up about 11, as the NASDAQ tacks on about 75 points.
All as investors wait for highly anticipated numbers from Nvidia after the bell.
Analysts expect NVDA to post EPS of $1.25 on sales of $54.9 billion, which would represent 56% year-over-year growth. Analysts are also looking for NVDA to forecast sales of $61.44 for its January quarter. We’re also looking for a mention of $500 billion in orders for 2025 and 2026, as Nvidia CEO Jensen Huang referred to in October.
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Everything is riding on Nvidia’s earnings, which are out after the bell.
Analysts are still bullish ahead of that.
Just today, analysts at William Blair reiterated an outperform rating on Nvidia, saying the tech giant is too attractive to ignore ahead of earnings.
Stifel reiterated its buy rating on the tech giant, with a price target of $250 per share, up from $212.
“CEO Jensen Huang’s recent keynote at GTC Washington D.C. outlined the company’s ongoing positioning as the backbone of AI infrastructure underpinned by more than $500bn in cumulative order book for Blackwell and Rubin infrastructure spanning 2025-2026,” said the firm, as quoted by CNBC. “With consensus (and our) expectations incorporating Mr. Huang’s commentary, expectations remain elevated.”
Bank of America just reiterated a buy rating on NVDA. Analysts at Rothschild & Co. also reiterated a buy rating on NVDA, raising its target price to $245 from $211 a share.
After days of swimming in red, the S&P 500 is up about 12 points in the pre-market.
The SPDR S&P 500 ETF (SPY) is up about two points.
Meanwhile, the Dow is up 38 points, as the NASDAQ tacks on about 74 points. All as investors wait for the latest earnings results from Nvidia (NASDAQ: NVDA) to gauge the health of tech and the AI boom.
At the moment, analysts expect NVDA to post EPS of $1.25 on $54.83 billion in sales, which would be a 56% jump year over year. Analysts are also looking for guidance of $ 61.88 billion in sales for the next quarter.
Granted, there are concerns that an AI bubble is bursting.
But again, we’re not buying into it. And neither is Goldman Sachs.
As noted by Quartz.com, “The financial services company, in a note to investors this week, said that it believes the AI story is just getting started — and the investments that seem huge today will be dwarfed by the benefits AI will deliver.
JPMorgan’s Mary Callahan Erdoes added, “AI is presenting opportunities not fully appreciated or understood yet,” as noted by CNBC. “AI itself is not a bubble. That’s a crazy concept… We are on the precipice of a major, major revolution in a way that companies operate.”
In addition, according to Wolfe Research, as quoted by CNBC, “We continue to believe that concerns over an AI bubble bursting are overblown…at least for now. We remain buyers of AI-related stocks on share price weakness, but [we’re] waiting for either an upside NVDA surprise or more washed-out technical to become more aggressive buyers.”
Analysts are still upgrading Nvidia heading into earnings.
Stifel reiterated its buy rating on the tech giant with a price target of $250 from $212 a share.
“CEO Jensen Huang’s recent keynote at GTC Washington D.C. outlined the company’s ongoing positioning as the backbone of AI infrastructure underpinned by more than $500bn in cumulative order book for Blackwell and Rubin infrastructure spanning 2025-2026,” said the firm, as quoted by CNBC. “With consensus (and our) expectations incorporating Mr. Huang’s commentary, expectations remain elevated.”
Bank of America just reiterated a buy rating on NVDA. Analysts at Rothschild & Co. also reiterated a buy rating on NVDA, raising its target price to $245 from $211 a share.
Oppenheimer reiterated an outperform rating with a price target of $265 a share. Citi reiterated a buy rating on the stock, with a price target of $220 from $210. The firm expects NVDA to post sales of $56.8 billion, as compared to analyst expectations for $54.6 billion.