Wall Street To Open Higher Over Nvidia Earnings

Wall Street To Open Higher Over Nvidia Earnings by Andrew Blumer last updated on September 16, 2023

Wall Street To Open higher On Optimism Over Nvidia Earnings

Wall Street is expected to open higher as the market is highly optimistic about upbeat Nvidia's earning report. That's why the majority of the mega-cap stocks which are classified in the 'growth' category are showing strong momentum. At the same time, the government bonds yield has experienced some pullback which is also providing support.

In the last week, Wall Street experienced heavy losses amid rising fears of long-term high-interest rates. In addition, the treasury yields also surged higher, which put pressure on the equities market.

Now, it appears that the equities have regained some of that lost ground due to the positivity surrounding Nvidia. Furthermore, other tech companies are also performing really well on the stock market ahead of the Nvidia result.

Nvidia Shares Up By 1.9%

During Tuesday's premarket session, Nvidia shares were up by 1.9%. In the previous session, the tech stock experienced a 9% upside as well, which took the stock almost close to $480.88 (an all-time high).

To say that the Nvidia stock is extremely bullish right now wouldn't be an understatement considering it is at such elevated levels.

Similarly, several other technology stocks are also on the rise due to the recent optimism. For example, Tesla is trading at a 4% upside which highlights the overall mood of Wall Street.

For now, all the eyes will be on the Nvidia results to figure out whether they are in line with the market expectations or not! As usual, any Nvidia results which miss the expectations will hammer the Nvidia stock down and will likely wipe out any recent gains as well.

In other news, there's an 86% chance that the rate hikes will pause in the next month's meeting. As for the November hike, the odds are now around 39% which is a jump from the earlier forecast of only 35.8%.

Looking ahead, the focus will be on the tech stocks especially Nvidia as the company announces its long-awaited results.