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This Week’s Market Recap… 📊

The focus this week was on NVIDIA. $NVDA reported earnings on Wednesday after the close, beating expectations on both revenue and EPS. Their revenue came in at $35.1 billion, $2 billion more than expected.

Initially, the market reaction was negative due to their guidance. NVIDIA didn’t raise its forward guidance as much as some investors had hoped. However, as the trading day progressed, the stock turned positive and ended the day up 0.53%.

Aside from NVIDIA, there weren’t many market-moving events this week. There was a notable amount of commentary from Federal Reserve officials, including Fed President Bowman, who advocated for a “cautious approach to further rate cuts.”

The one major piece of economic data released this week was the jobless claims report on Thursday morning. Claims came in at 213,000, better than the forecast of 220,000, marking the lowest level since April.

As a result of the positive jobless claims data, the probability of a rate cut in December declined. As we approach the Fed meeting in December, every economic data point will be closely scrutinized. Personally, I believe the Fed will hold off on a rate cut in December, though this could change depending on upcoming economic data.

🚨Top Stocks on our Radar…

Nvidia reported earnings on Wednesday with revenue coming in at $35.1 Billion and EPS coming in at $0.81. This was a positive report for NVIDIA, and they seem to still be in a strong position for growth.

Tune in every Monday and Friday for in-depth Market Analysis, Recaps, and a featured Stock & ETF.

Thanks for reading and have a great week!

-Ryan

@Theinvestingauthority