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U.S. stocks close mixed ahead of Nvidia earnings

0 Comment(s)Print E-mail Xinhua, November 21, 2024
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NEW YORK, Nov. 20 (Xinhua) -- U.S. stocks ended mixed on Wednesday, as investors awaited Nvidia's highly anticipated earnings report, seen as a pivotal test for the artificial intelligence boom driving this year's market rally.

The Dow Jones Industrial Average rose 139.53 points, or 0.32 percent, to 43,408.47, its first day of gains in five sessions. The S&P 500 added 0.13 points, or 0.00 percent, to 5,917.11. The Nasdaq Composite Index shed 21.33 points, or 0.11 percent, to 18,966.14.

Six of the 11 primary S&P 500 sectors ended in green, with health and energy leading the gainers by adding 1.18 percent and 1.00 percent, respectively. Meanwhile, consumer discretionary and financials led the laggards by losing 0.57 percent and 0.28 percent, respectively.

Nvidia's performance could set the tone for trading in the days ahead, with the chipmaker's stock already up 200 percent this year, making it the most valuable company globally with a market capitalization of 3.61 trillion U.S. dollars.

"It's all about the guidance. How enthusiastic and how aggressive on the guidance," said Tom Essaye, founder and president of the Sevens Report. "It's a growth story here. We all know it. It's the future. It's the next big thing. They've got to keep us excited about it via this earnings print."

Nvidia went down 0.76 percent on Wednesday. Meanwhile, Target released a disappointing earnings report, significantly lowering its guidance for holiday sales and profits after missing quarterly estimates. The retailer's shares plummeted 21.42 percent, reflecting investor concerns about the company's ability to navigate a challenging retail environment during the critical holiday season.

In economic news, U.S. mortgage applications increased 1.7 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending Nov. 15, 2024. Enditem

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