On today’s episode of Full Court Finance here at Zacks, Ben Rains takes a look at both Nvidia and Alibaba ahead of their upcoming earnings releases. NVDA and BABA are two of the last big tech names left to report, and investors need to know what to expect from the chip power and the Chinese e-commerce giant to help figure out what might be next.
The S&P 500 rests just below its February highs and the Nasdaq jumped over 1% through late afternoon trading to a new record. Monday’s climb was driven by familiar coronavirus standouts such as Tesla (NASDAQ:TSLA) TSLA and Zoom ZM. The pop to start the week continues the market’s steady run higher, as Wall Street responds positively to signs of economic recovery and better-than-expected earnings results, as well as an improving earnings outlook.
Investors will be looking to quarterly results from Walmart (NYSE:WMT) WMT, Target TGT, and Home Depot (NYSE:HD) HD later this week for more clarity on consumer spending. Meanwhile, Nvidia NVDA and Alibaba BABA are a few of the last high-profile names in tech left to report.
Nvidia stock has skyrocketed in 2020 to crush its semiconductor industry’s average. Looking ahead, the GPU firm’s continued expansion into data centers is expected to pay off in a major way.
Alibaba, on the other hand, has lagged Chinese rival JD (NASDAQ:JD).com JD and its U.S. counterpart Amazon AMZN during the market’s rally. Yet its growth prospects remain strong as it grows beyond e-commerce in the world’s second-largest economy.
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Target Corporation (NYSE:TGT): Free Stock Analysis Report
NVIDIA Corporation (NASDAQ:NVDA): Free Stock Analysis Report
The Home Depot, Inc. (HD): Free Stock Analysis Report
Amazon.com, Inc. (NASDAQ:AMZN): Free Stock Analysis Report
Walmart Inc. (WMT): Free Stock Analysis Report
Tesla, Inc. (TSLA): Free Stock Analysis Report
JD.com, Inc. (JD): Free Stock Analysis Report
Alibaba Group Holding Limited (BABA): Free Stock Analysis Report
Zoom Video Communications, Inc. (NASDAQ:ZM): Free Stock Analysis Report
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