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Why Nvidia’s Blockbuster Earnings Could Be the Last Hurrah for This Market

by | May 23, 2024

Stocks are higher premarket, especially in the Nasdaq after a blockbuster earnings report from Nvidia (NVDA) on Wednesday after the close.

The top chipmaker also announced a 10-for-1 stock split in addition to a massive revenue jump thanks to its work in AI. This will help drive trading action for a bit…

But while the Nasdaq is up 1.1% and the S&P 500 0.7%… the Dow is only up about 80 points, or 0.2% — that’s a major red flag that I don’t like.

We also got the latest FOMC minutes late Wednesday, and the Federal Reserve is essentially telling us we may only get one rate cut this year, which caused some selling pressure. 

Bonds (TLT) didn’t sell off Wednesday, and I think the bond market may be broken because it’s not reacting as one would expect to rates being higher for longer.

And something has to give…

I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

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WRITTEN BY<br>Roger Scott

Roger Scott

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