Stock market today: Dow, S&P 500, Nasdaq slide as Nvidia earnings loom large
Published On Nov 20, 2024, 10:15 AM
US stock markets fell as investors awaited Nvidia's earnings report, a vital indicator for the artificial intelligence sector. The Dow, S&P 500, and Nasdaq indices all experienced declines of 0.3%, 0.8%, and 1.2%, respectively. Nvidia's stock has been notoriously volatile before earnings announcements, and analysts predict significant market movement could occur following the report. Additionally, Target's shares plummeted by over 20% after issuing a disappointing earnings outlook.
Stock Forecasts
NVDA
Negative
Nvidia's earnings are critical for the momentum of the tech sector, particularly concerning AI stocks, which have recently surged. However, high expectations and the risk of failure to meet them could lead to a negative reaction in the stock. As its profits depend heavily on AI demand, any sign of unmet expectations could result in a significant drop.
TGT
Negative
Target's guidance cut and earnings miss could lead to sustained downward pressure on its stock, reflecting broader retail sector challenges as consumer spending slows. The company's drastic adjustment to its earnings forecast signals potential trouble in the retail industry, likely leading to a continued bearish outlook.
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