Retail Earnings Take Centre Stage as Markets Digest Nvidia and Walmart Results

US equities are giving back some of Wednesday’s gains this morning as investors digest earnings reports from Nvidia and Walmart. While Nvidia delivered another earnings beat, the muted premarket reaction may suggest investors were looking for an even stronger outlook following the stock’s significant rally. At the same time, weakness in Walmart shares is weighing on sentiment toward the broader retail sector as earnings season continues.

Nvidia reported earnings of $1.87 per share versus Street expectations of $1.75. Shares are steady in premarket trading, indicating there were no major surprises within the company’s guidance or outlook. Meanwhile, Walmart shares are down 3.7% premarket after the world’s largest retailer reported earnings per share of $0.66, matching analyst expectations.

NASDAQ futures are down 0.6% this morning, while Dow Futures are lower by 0.3%.

Overseas, Asian markets were mixed overnight. Japan’s Nikkei rallied 3.1%, while Hong Kong’s Hang Seng declined 1.0%. In Europe at midday, the DAX is down 0.5% and the FTSE is lower by 0.3%.

Commodity markets are mixed this morning. Crude Oil is up 2.9%, continuing to trade above $100.00/bbl, while Gasoline is gaining 0.8%. Gold is down 0.6%, Copper is lower by 1.1%, and Silver is down 1.1%.

In fixed income and currency markets, the US 10-year Treasury note yield is steady near 4.60%, while the US 30-year Treasury note yield remains near 5.10%. The USD is climbing today, with the Euro down 0.3% and the Loonie also lower by 0.3%.

Looking ahead, earnings season continues for senior US retailers, while Canadian banks are scheduled to report earnings next week.

Shares of Walmart are held in some portfolios managed by SIA Wealth Management.

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