Wall Street indexes end rocky session higher ahead of Nvidia earnings
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Traders working on the floor of the New York Stock Exchange, in New York City, on Nov 19.
PHOTO: REUTERS
Follow topic:
- US stocks rose after a choppy session, led by gains in technology stocks before Nvidia's earnings report, a key test for the AI-driven market rally.
- Fed minutes revealed policymakers warned that lower borrowing costs might hinder the inflation fight; job market concerns persisted before the US jobs report.
- The Dow rose 0.10%, the S&P 500 gained 0.38%, and the Nasdaq increased 0.59%; Target shares fell after disappointing quarterly sales.
AI generated
NEW YORK – US stocks ended a choppy session higher on Nov 19, rebounding from recent losses as technology stocks rose ahead of Nvidia’s quarterly results.
Indexes briefly pared gains after minutes from the last US Federal Reserve meeting showed policymakers cautioned that lower borrowing costs could undermine the fight against inflation.
The Fed cut rates by a quarter of a percentage point at each of its meetings in September and October.
Worries about a cooling labour market persisted ahead of the Nov 20 release of the September US jobs report following the record-long US government shutdown.
The US Bureau of Labour Statistics said it will not publish the October employment report, but will instead combine non-farm payrolls for that month with November’s report.
Shares of Nvidia gained, with its earnings due after the market close seen as a test for the AI or artificial intelligence-driven rally that has powered the market to record highs in 2025.
The stock is “almost guaranteed to be volatile”, following the report, said Mr Tim Ghriskey, senior portfolio strategist at Ingalls and Snyder in New York.
“When you’re the biggest company out there, you’re sort of in the headlights, and it often does not make sense how the stock reacts in the short term,” he said.
The Dow Jones Industrial Average rose 47.03 points, or 0.10 per cent, to 46,138.77, the S&P 500 gained 24.87 points, or 0.38 per cent, to 6,642.19 and the Nasdaq Composite gained 131.38 points, or 0.59 per cent, to 22,564.23.
Investors have worried about how companies will be able to make money from their huge investments in AI.
Options data from analytics firm Option Research & Technology Services showed an implied move of about 7 per cent for Nvidia’s stock in either direction after its results.
Among decliners, Target shares slipped after the retailer reported a bigger-than-expected drop in quarterly sales with cash-strapped US consumers pulling back on discretionary spending. REUTERS
