Article published at 9:20 a.m. CT
JJ Kinahan is Senior Vice President, Head of Retail Expansion and Alternative Investment Products at Cboe Global Markets, Inc. (Cboe).
Key Takeaways:
- WTI crude oil falls to $82 range
- Investors await Nvidia’s earnings
- Intuit to report after the bell
A drop in crude oil prices, spurred by the U.S.’s turn toward economic pressures on Iran rather than missile attacks, is fueling the three major indices to the upside in early trading.
WTI Crude Oil prices fell 3.4% to the low $82 a barrel range, wiping out the gains of the last week. The Nasdaq Composite, also getting a reprieve in recent pullbacks in chip stocks, is up 0.74% while the Dow Jones Industrial Average is higher by 0.42% and the S&P 500 Index is gaining 0.37%.
The week launched mostly in the red Monday as technology stocks pressured both the Nasdaq and the S&P 500, sparing the 30-stock Dow. When the session settled the Nasdaq lost 0.75% and the S&P backtracked by 0.37%. The Dow advanced 0.45%.
Chips stocks are reversing course today, too, after yesterday’s sell off as investors await Nvidia earnings results tomorrow. Up and down moves like this typically reflect positioning since there has not been any other obvious catalyst to shift gears.
Investors are anxious for Nvidia’s results because the girth of the business alone coupled with it having its hands into so many branches of artificial intelligence (AI) make it a bellwether of the industry. Of particular interest is what Nvidia’s revenues will roll in at, with Wall Street expecting a 97% year-over-year lift. However, the results – even strong ones – might not be able to power shares to the upside in what could be another example of how sometimes even robust results just aren’t good enough.
Nvidia shares are turning 2.3% to the upside today, too, snapping a seven-day losing period — the longest since 2022 — in which the stock lost more than 7%. Options trading has been brisk, as investors are taking a bullish tone before the books are open. Options trading has doubled over the last 10 days with activity focused on the 220, 225 and 230 calls for Friday’s expiration. There’s an implied move of 5.5% in either direction. Interestingly, over the last two years the implied moved has been about 7.9%, but the actual move after earnings has been close to 5%. Stay tuned
AI chip maker shares swinging higher in early trading include Marvell, up 3.6%, recouping Monday’s losses. Micron’s were 2.5% higher after giving back 5.8% Monday while Advanced Micro Devices were up 3.5% after a 3% pullback, and Broadcom’s added 1.3% after a 2% decline.
Dick’s Sporting Goods shares are running 17% to the downside after the retailer’s results missed Wall Street expectations, underscoring taxing times for sneaker sales. The athletic gear and equipment seller also lowered its guidance, noting a “challenging athletic footwear and apparel marketplace.” Dick’s also said inventory was high, something we’ve heard from other shoe retailers in recent reports. Dick’s cited a particularly tough environment at Foot Locker, which it purchased last year.
Nike shares also were smacked, falling 3% in early trading.
Intuit releases earnings after the close today and investors will be looking for the numbers across its QuickBooks, Credit Karma, TurboTax Live and payment/payroll platforms, as well as its continued adoption of AI tools. Shares are falling 2.5%. Intuit isn’t usually a big options trade, but there has been active buying the 335 puts and 380 calls with Friday’s expiration. The implied move stands at about 7% in either direction.
Happy Trading!
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