Stocks Stabilize as Traders Await Nvidia Earnings

The correction in AI related stocks continued yesterday, pulling US indices down between 1.0% and 1.2%. In overnight Asia Pacific trading, the Nikkei and the Hang Seng also declined between 0.3% and 0.4%. This morning, stocks appear to be stabilizing. NASDAQ futures are up 0.2%, Dow futures are up 0.1%, the DAX is up 0.3%, and the FTSE is up 0.1%.

Nvidia is scheduled to report earnings after the close today, and the results may either ease or heighten investor concerns about growth momentum and valuations across AI related stocks. Market behavior in both equities and currencies suggests a shift toward a more defensive tone. This is reflected in Bitcoin falling 1.5%, Gold rising 1.0%, and Silver gaining 2.5% this morning.

Retailer earnings have produced a mixed reaction this morning. Home Depot fell 6.0% yesterday after posting disappointing results. Today, however, competitor Lowes is up 5.1% in premarket trading after beating the Street on sales and earnings, even with soft guidance. Target also beat expectations but is down 1.8% premarket.

Commodities are mixed. Copper is up 1.0%, Crude Oil is down 3.2%, and Natural Gas is up 3.5%. It is a relatively quiet day for economic news. The main event is the release of FOMC meeting minutes, which may influence speculation about whether the Federal Reserve will cut interest rates at its December meeting.

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