{"id":215514,"date":"2024-11-21T09:30:00","date_gmt":"2024-11-21T14:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=215514"},"modified":"2024-12-05T15:26:27","modified_gmt":"2024-12-05T20:26:27","slug":"nvidia-turns-things-around","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/nvidia-turns-things-around\/","title":{"rendered":"NVIDIA turns things around"},"content":{"rendered":"\n<p>The stock market seems to have gotten over the hump of Hump Day, which happened to include the biggest hump of all:&nbsp;<strong>NVIDIA&#8217;s (NVDA)<\/strong>&nbsp;Q3 earnings report.<\/p>\n\n\n\n<p>That report, which is being discussed and dissected every which way, was a report most, if not all, companies would die to share. Operating income increased 110% year-over-year, revenues were up 94%, and non-GAAP diluted earnings per share jumped 103%. The company&#8217;s fiscal Q4 revenue guidance computes to 70% year-over-year growth at the midpoint. For added measure, NVIDIA said the demand for its Blackwell chip is &#8220;staggering&#8221; and that it is on track to exceed its previous Blackwell revenue estimate of several billion dollars in Q4.<\/p>\n\n\n\n<p>Following the report, NVIDIA&#8217;s stock declined more than 5.0%. The initial takeaway was that there was some disappointment that NVIDIA&#8217;s revenue growth rates are decelerating (e.g., Q3 revenue growth was up 122% yr\/yr), implying its best growth days are behind it and that a whole lot of good growth news had already been factored into its stock price.<\/p>\n\n\n\n<p>That was the knee-jerk reaction. As we write this, NVIDIA is up 1.8% in pre-market trading, presumably because investors recognize there is still a lot of impressive growth ahead for this company, which clearly continues to run ahead of its competition. With a market cap approaching $4 trillion, however, there will always be an assertion that NVIDIA can&#8217;t possibly continue to exceed impossibly high expectations, leaving its stock vulnerable to a material decline when it does face added competition.<\/p>\n\n\n\n<p>That&#8217;s why the glide path NVIDIA&#8217;s stock has been on could prove to be bumpier moving forward. Be that as it may, the turnaround from the knee-jerk selling has been uplifting for the broader market along with the animal spirits driving Bitcoin, which is pushing $100,000, and the 24% gain in&nbsp;<strong>Snowflake (SNOW)<\/strong>&nbsp;following its better-than-expected results.<\/p>\n\n\n\n<p>Currently, the S&amp;P 500 futures are up 25 points and are trading 0.4% above fair value, the Nasdaq 100 futures are up 96 points and are trading 0.5% above fair value, and the Dow Jones Industrial Average futures are up 164 points and are trading 0.3% above fair value.<\/p>\n\n\n\n<p>It is helping matters, too, that Treasury yields are on the calmer side of things this morning. The 2-yr note yield is down one basis point to 4.30% and the 10-yr note yield is down one basis point to 4.40%.<\/p>\n\n\n\n<p>Those moves follow reports that Russia fired an intercontinental ballistic missile into Ukraine for the first time and some mixed economic data.<\/p>\n\n\n\n<p>Initial jobless claims for the week ending November 16 decreased by 6,000 to 213,000 (Briefing.com consensus 221,000). Continuing jobless claims for the week ending November 9 increased by 36,000 to 1.908 million. That is the first reading above 1.900 million since November 2021.<\/p>\n\n\n\n<p>The key takeaway from the report is that the rising trend for continuing jobless claims connotes a softening labor market whereby it has become more challenging to find a new job after being laid off.<\/p>\n\n\n\n<p>Separately, the Philadelphia Fed Index checked in at -5.5 for November (Briefing.com consensus 7.0) following a 10.3 reading for October. The dividing line between expansion and contraction is 0.0, so the November reading suggests manufacturing activity in the Philadelphia Fed region contracted in November.<\/p>\n\n\n\n<p>The October Existing Home Sales Report (Briefing.com consensus 3.90 million; prior 3.84 million) and the October Leading Indicators Report (Briefing.com consensus -0.3%; prior -0.5%) will be released at 10:00 a.m. ET.<\/p>\n\n\n\n<p>In the meantime, the major indices will be released to higher levels when the cash session begins.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted November 21, 2024 &#8211; <a href=\"https:\/\/www.briefing.com\/page-one\">NVIDIA turns things around<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stock market seems to have gotten over the hump of Hump Day, which happened to include the biggest hump of all: NVIDIA&#8217;s (NVDA) Q3 earnings report.<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18,6,8,9,22,26,3],"tags":[267,3598,8235,44],"contributors-categories":[13589],"class_list":{"0":"post-215514","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-macro","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"tag-earnings","14":"tag-market-outlook","15":"tag-nvidia","16":"tag-stocks","17":"contributors-categories-briefing-com"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NVIDIA turns things around | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"The stock market seems to have gotten over the hump of Hump Day, which happened to include the biggest hump of all: NVIDIA&#039;s (NVDA) Q3 earnings report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/215514\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NVIDIA turns things around | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"The stock market seems to have gotten over the hump of Hump Day, which happened to include the biggest hump of all: NVIDIA&#039;s (NVDA) Q3 earnings report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/nvidia-turns-things-around\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-21T14:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-05T20:26:27+00:00\" \/>\n<meta name=\"author\" content=\"Patrick J. 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