Reply To: Traders Market Weekly: No Fear as Risk Complacency Rises

#74468
Truman
Participant

NVIDIA (NVDA 953.86, +6.06, +0.6%) volatile price action in front of its earnings report after Wednesday’s close. NVDA shares had been up as much as 0.7% today and traded down as much as 1.7%, which contributed to the overall mixed feeling in the market.

Some high-profile stocks that reported earnings since yesterday’s close received negative responses their results. Palo Alto Networks (PANW 311.66, -12.11, -3.7%) was among the standouts.

Retailers Lowe’s (LOW 224.86, -4.31, -1.9%) and AutoZone (AZO 2820.83, -103.21, -3.5%) received negative responses to their earnings news, acting as a limiting factor for the S&P 500 consumer discretionary sector along with a loss in Amazon.com (AMZN 183.15, -0.39, -0.2%). The sector still logged a gain thanks to a jump in shares of Tesla (TSLA 186.60, +11.65, +6.7%).

Macy’s (M 20.08, +0.98, +5.1%) is not an S&P 500 component, but it is another retailer that reported earnings, logging a solid gain in response.

Target (TGT 155.78, -0.93, -0.6%), TJX (TJX 97.70, -0.09, -0.1%), Petco Health and Wellness (WOOF 2.45, -0.13, -5.0%), and Williams-Sonoma (WSM 314.38, -2.20, -0.7%) report earnings in front of tomorrow’s open.

Treasury yields settled slightly lower, but that didn’t translated into support for stocks. The 2-yr note yield settled one basis point 4.83% and the 10-yr note yield fell two basis points today to 4.41%.