US Treasuries are trading flat today, with TLT up just 0.04% and the 10-year Treasury yield (TNX) inching up to 4.430%, bouncing off support at 4.350%. Crude oil prices fell sharply by 3.23% to $74.58 per barrel after OPEC postponed its meeting. Crude oil's decline continues.
Despite unusually high expectations, Wall Street was impressed by the semiconductor giant Nvidia's (NVDA) strong third-quarter earnings and better-than-expected guidance. However, the company said it expected sales in China to fall "significantly" due to recent export restrictions imposed by the Biden administration. Nvidia added that this decline will be offset by growth in other regions. Analysts at Bank of America, Rosenblatt and Wells Fargo have price targets on NVDA of $700, $1,100 and $675, respectively. With all these positives, NVDA is currently down 3.32% at $482.87 on profit-taking however.
NVDA's strong earnings helped the overall market, although now NVDA itself is falling. Major market indexes rose an average of 0.5%. The Russell 2000 small-cap index rose 0.80%, the largest gainer. U.S. stocks remain bullish on better-than-expected earnings and guidance from NVDA, coupled with strong Thanksgiving seasonal strength in stocks.
The stock market will be closed for Thanksgiving tomorrow.
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