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The Dow Jones backslid another 150 points on Wednesday. Equity markets with little data to chew on are awaiting key earnings reports. Nvidia earnings are due after the closing bell, meaningful economic data starts Thursday. The Dow Jones Industrial Average (DJIA) tested familiar lows on Wednesday, churning chart paper just north of the 43,000 handle. Markets are tepid as investors pull back slightly ahead of a key earnings report from major tech company Nvidia (NVDA) which is due after the bell, and a lack of meaningful economic figures throughout the front half of the trading week has left traders in the lurch. Nvidia is expecting a bumper revenue posting late Wednesday after markets close. The company forecasts $32.5 billion in quarterly revenue thanks to a wide uptick in demand for its AI-focused Backwell GPU offerings. Nvidia has a tendency to outpace revenue expectations, with the chipmaker beating earnings calls ten out of the last 12 quarters. The first half of the trading week was in a significant data drought with limited impactful US economic prints on the offering.Thursday will kick off the week’s useful, market-moving information with Initial Jobless Claims for the week ended November 15. Net new jobless benefits seekers are expected to number 220K on a weekly basis, up slightly from the previous week. The US Philadelphia Fed Manufacturing Survey is also due on Thursday, and is expected to ease back to 8.0 in November from the previous month’s 10.3. The key data print this week will be S&P Purchasing Managers Index (PMI) survey results, which are due on Friday. Markets are anticipating a slight increase in Manufacturing PMI figures, expected to rise to 48.8 from the previous 48.5, while the Services component is expected to rise by a similar amount, to 55.3 from 55.0. Dow Jones news…

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Filed under: News - @ November 20, 2024 8:25 pm