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:
- Investors don’t want to move ahead of Nvidia earnings
- Inflation edges up to 3.3%
- Intuit shares fall with weak guidance
There is a whole lot of nothing going on in early trading as investors wait on two events likely to motivate traders this week: Nvidia’s second-quarter results, considered a barometer because of its dominance in chips, after the bell today, and Federal Reserve Kevin Warsh’s keynote speech at the Jackson Hole economic conference Friday.
The Nasdaq Composite is off 0.17% while the S&P 500 Index and the Dow Jones Industrial Average are hugging the flatline in a struggle to find direction.
The core personal consumption expenditures price index, which the Federal Reserve considers a key measure when making interest rate decision, crept 0.2% higher to put inflation at a 3.3% level. That’s palpably higher than the Fed’s 2% inflation target and could impact what Warsh says Friday. However, he’s not known to be a long-winded man, so we don’t expect him to say a lot about what path interest rates might take next month. Stay tuned.
Nvidia shares are slipping again in early trading after snapping a seven-day pullback Tuesday. Shares are up nearly 13% since the beginning of the year. Investors are counting on Nvidia to offer an outlook on whether artificial intelligence (AI) investments are worth it.
Intuit shares took another spill in early trading after the financial technology firm reported strong fiscal fourth-quarter results, but provided guidance that failed to meet Wall Street’s expectations. Intuit is slowing its revenue expectations as it focuses on gaining market share in a competitive AI software environment, the company told Barron’s. That means lowering prices – particularly for do-it-yourselfers who use TurboTax – to gain a foothold. Shares are off 9.3% in early trading and have lost some 43% in market value year-to-date.
Meta shares first rose, then fell after the parent of Facebook, Instagram and WhatsApp settled the social media addiction case with a handful of U.S. states for $16.7 billion. Shares are off 0.64%.
Zoom shares are tumbling 6.4% after the video-calling platform turned in robust fiscal second-quarter earnings but softened guidance, a move we’ve seen quite a few companies take in recent weeks. Zoom also did not offer an insight on its 0.31% stake in Anthropic, which is expected to go public as soon as this year. The platform reported a $1.6 billion gain in strategic investments, which is likely tied to Anthropic. In April, Zoom valued that investment at $1.27 billion.
Kohl’s shares are falling 5.3% after the department store retailer reported results that outpaced Wall Street’s expectations because they were bloated with tariffs refunds that masked a continuation in sliding sales. The retailer, however, is in the midst of a multi-year transitional period to rebuild its brand and improve its in-store sales experience.
Dick’s Sporting Goods took a drubbing Tuesday, wiping out nearly 31% of share value after the athletic apparel and equipment retailer missed Wall Street’s expectations and issued dour forward guidance. Last year’s acquisition of Foot Locker is at the heart of the problem, but the retailer is holding out hope for a turnaround as it unloads inventory. In early trading, Dick’s shares are up 0.55%. Shares are down 38% since the start of the year.
Dick’s results pressured other retailers such as Walmart and Target, whose shares fell 1% and 4% respectively Tuesday. Walmart shares are down nearly 1% and Target shares are falling 0.77% to start trading Wednesday.
Marvell Technology opens its books after the bell tomorrow, offering another window into the demand for chips. Many investors are likely to look past the second-quarter results to focus on what’s ahead and glean any more information about the custom chip maker’s two-way deal with Google. Last week, Marvell said Google is looking to invest some $12.19 billion in shares as part of a pact for Marvell to develop bespoke chips for the communication platform. Shares are down 1% in early trading but have advanced better than 171% year-to-date.
Happy Trading!
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