Happy Wednesday, apes.
Are you ready for the big day? Nvidia, the undeniable stock of the year, drops its latest earning report later today, coincidentally right at that same 4 pm time when your portfolio finally stops falling for a few hours. We’ll see who fares better…
Speaking of falling, that just happens to be what equity markets did all day in the meantime. The Nasdaq was the only U.S. major to not paint itself red, eeking out a small, but still green, +0.06% day. Smaller caps and the (absurdly) price-weighted Dow felt the most heat, but Nvidia made a special appearance on the low list as well just a day prior to earnings and after a +8.5% day. Totally rational.
Treasuries had a weird day in the meantime, bouncing around all over the curve, with the 2-year note charging towards 5.1% by the international open. The dollar saw a late-day spike as well as the uncertainty trade—aka, buying the safest assets you can, like USD, long-dated bonds, blue chips stocks, etc., won the day.
Let’s get into it.