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Nvidia's Stock Falls Despite Earnings Exceeding Expectations

Published Nov 22, 2023 11:22AM ET Updated Nov 22, 2023 11:31AM ET
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Quiver Quantitative - The technological vanguard of AI, Nvidia (NASDAQ:NVDA), sees its Q3 earnings surpass Wall Street expectations, yet its shares experienced a post-earnings announcement dip. The paradoxical response in after-hours trading underscores the high investor expectations baked into Nvidia's stock, despite the company's positive projections for Q4. Nvidia acknowledges that U.S. restrictions will likely diminish sales to China yet remains optimistic about robust growth in other markets. This narrative contributed to a tumultuous ride for the stock, with substantial after-hours trading volumes causing unusual price volatility that extended well into the Asian trading session.

The Federal Reserve's latest meeting minutes reflect a cautious hold on policy, with the consensus leaning towards maintaining current interest rates until inflation concerns are conclusively allayed. While the bond market has seen a significant easing in yields since the Fed's meeting, suggesting financial conditions have loosened, the market seems to diverge from the Fed's perspective. Futures are pricing in rate cuts for 2024, with the probability of an ease as soon as March being debated among investors. U.S. Treasury yields have nudged upwards but remain close to recent lows, indicating a persistent tug-of-war between the Fed's cautious stance and market expectations.

Global markets are also watching closely as Sweden's Riksbank approaches a pivotal monetary policy decision. With experts split and market sentiments leaning slightly against an interest rate hike, the outcome could signal the end of Sweden's tightening cycle. Should the Riksbank choose to hold rates steady, the Swedish crown may face downward pressure, which could, in turn, nudge policymakers towards another rate increase to bolster the currency.

Today's economic agenda:

- Euro Zone consumer confidence flash for Nov

- Riksbank holds monetary policy meeting

- British finance minister Hunt releases Autumn Statement

- Appearances by ECB's Centeno and board member Elderson

- Fed Bank of Cleveland President Mester speaks

- Speech by Bank of Canada Governor Macklem

This article was originally published on Quiver Quantitative

Nvidia's Stock Falls Despite Earnings Exceeding Expectations

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