{"id":232130,"date":"2025-10-09T09:45:00","date_gmt":"2025-10-09T13:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=232130"},"modified":"2025-10-10T05:53:24","modified_gmt":"2025-10-10T09:53:24","slug":"nvidia-compensating-for-lack-of-broad-market-conviction","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/nvidia-compensating-for-lack-of-broad-market-conviction\/","title":{"rendered":"NVIDIA compensating for lack of broad market conviction"},"content":{"rendered":"\n

Briefing.com Summary:<\/strong><\/p>\n\n\n\n

*NVIDIA, up 1.9% after a big price target increase, is holding the line for the broader market.<\/p>\n\n\n\n

*Delta Air Lines and PepsiCo both exceeded earnings estimates.<\/p>\n\n\n\n

*Not a lot of conviction in the stock market or bond market at the moment.<\/p>\n\n\n\n

Yesterday was day eight of the U.S. government shutdown, and it was also the eighth time in the last nine sessions that the S&P 500 finished higher. In fact, it was yet another record closing high for the S&P 500… and Nasdaq Composite.<\/p>\n\n\n\n

Today is day nine of the government shutdown, so things are looking up for the stock market. We jest (sort of).<\/p>\n\n\n\n

Currently, the S&P 500 futures are up one point and are trading in line with fair value, the Nasdaq 100 futures are down 12 points and are trading 0.1% below fair value, and the Dow Jones Industrial Average futures are down 18 points and are trading in line with fair value.<\/p>\n\n\n\n

There isn’t much conviction overall, but that’s okay for “the market,” with\u00a0NVIDIA (NVDA)<\/strong>\u00a0indicated 1.9% higher after Cantor Fitzgerald raised its price target. The new target suggests there is 59% upside for the AI leader from yesterday’s closing price.<\/p>\n\n\n\n

NVIDIA’s market cap is $4.6 trillion currently, so it has the girth to move the market when many other stocks aren’t moving or to offset losses when many other stocks are trading lower. It is a beacon for the AI trade, and when it is shining, “the market” isn’t typically doing too badly.<\/p>\n\n\n\n

And such is the case this morning. Other supports include Delta Air Lines (DAL)<\/strong> and PepsiCo (PEP)<\/strong>, both of which exceeded earnings expectations. Delta, meanwhile, said it saw travel demand pick up in June and July and that it isn’t seeing any impact from the government shutdown.<\/p>\n\n\n\n

Costco (COST)<\/strong> is up 1.4% after impressing with its September same-store sales results; Taiwan Semiconductor Manufacturing Co. (TSM)<\/strong> is little changed after reporting a 31.4% yr\/yr increase in September revenues; and Akero Therapeutics (AKRO)<\/strong> is surging 17.6% following the news that it will be acquired by Novo Nordisk (NVO)<\/strong> for $54.00 per share in cash and a contingent value right of $6.00 per share.<\/p>\n\n\n\n

Ferrari (RACE)<\/strong> is down 12% after providing an updated strategic plan at its Capital Markets Day, and Tesla (TSLA)<\/strong> is trading 1.4% lower on a Reuters<\/em> report that it is being investigated for alleged full self-driving violations.<\/p>\n\n\n\n

In brief, there are plenty of idiosyncratic corporate news items, but not a lot of broad market excitement surrounding them. That is true for macro developments, too, which include Israel and Hamas agreeing to phase one of a Gaza peace plan and China tightening its export controls on rare earth materials for high-tech products and military applications.<\/p>\n\n\n\n

The Treasury market is in a similar state. The 2-yr note yield is up one basis point to 3.59%, and the 10-yr note yield is up one basis point to 4.14%. Not bad, not good, just not much movement in the wake of overnight developments.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted October 9, 2025 – NVIDIA compensating for lack of broad market conviction<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NVIDIA, up 1.9% after a big price target increase, is holding the line for the broader market. Delta Air Lines and PepsiCo both exceeded earnings estimates. 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