S&P 500 and Nasdaq 100: Nvidia Earnings Fade, Bitcoin Eyes $100K in Volatile Market

Can Wall Street Extend Its Winning Streak?

S&P 500 futures edged 0.1% lower Friday morning, while Nasdaq-100 futures dipped 0.2%, and Dow Jones Industrial Average futures added 35 points, or 0.1%. Despite the subdued moves in premarket trading, all three major U.S. indexes are set to close the week higher, driven by a rebound in investor sentiment following last week’s postelection slump.

The Dow surged over 400 points on Thursday, with the S&P 500 rising 0.5%. Meanwhile, the Nasdaq Composite posted a marginal gain but has led the week’s performance with a 1.56% increase. According to Nuveen CIO Saira Malik, markets are stabilizing due to easing postelection pressures and a positive reaction to Nvidia’s strong earnings report, although Nvidia’s stock fell 0.5% in premarket trading.

What’s Driving the Market Action?

Corporate earnings reports continue to steer investor sentiment. Gap shares soared 13% after the company raised its full-year guidance, signaling optimism ahead of the critical holiday shopping season. Meanwhile, Intuit dropped nearly 5% despite topping analysts’ estimates, as a year-over-year decline in operating income weighed on sentiment.

Retailer Ross Stores gained nearly 8% following a better-than-expected earnings report, though its revenue missed forecasts. NetApp, a data technology firm, rose 5% on strong earnings and revenue, while software company Elastic surged 20% after crushing quarterly expectations with earnings of 59 cents per share compared to an anticipated 38 cents.

In contrast, SL Green Realty dipped more than 1% after announcing a $400 million stock sale intended for general corporate purposes.

What Economic Data Is on the Horizon?

Investors are awaiting key economic reports on Friday, including preliminary November PMI figures and updated consumer sentiment data. These metrics could provide further insights into economic conditions and help shape expectations for future monetary policy decisions.

Additionally, Bitcoin remains a focal point as it hovers near the $100,000 level. Breaking this milestone could reignite interest in cryptocurrencies and drive speculative momentum in the digital asset market.

Will Markets Close the Week on a High Note?

With the S&P 500, Nasdaq Composite, and Dow all poised for weekly gains, the market sentiment leans bullish. However, ongoing volatility in tech stocks like Nvidia, Meta, and Alphabet could create headwinds. Traders will closely monitor economic indicators and corporate developments to gauge whether the positive momentum will carry into the next week.