What Is Nvidia's New $1 Trillion Superproject?

While most are still focused on Nvidia's recent performance, they're missing this massive, $1 trillion pivot Nvidia's making right now. But it's what's happening behind the scenes that should be most exciting for investors. We've identified three companies that Nvidia needs to lean on to help get the job done.

Nasdaq, S&P 500 Set To Open Higher On Nvidia Prop, FedEx Earnings, But Traders Could Move To Sidelines Ahead Of Key Data: Analyst Says Underweighting Techs 'Contrarian Bet'

Shanthi Rexaline
June 26, 2024

Futures trading reflects the same trend seen on Tuesday, with the Nasdaq and S&P 500 futures firming up in early trading, while the Dow futures slipped. Notwithstanding the tech strength, the underlying sentiment is likely to be one of caution ahead of some key market-moving economic catalysts scheduled for the next two sessions. The Nvidia Corp. (NASDAQ:NVDA) rally continues, with the stock firmer in premarket trading. It remains to be seen if the concentrated tech strength could be strong enough to lift the broader market.

The market could also receive a shot in the arm from FedEx Corp.’s (NYSE:FDX) positive earnings and M&A rumors.

The Federal Reserve’s favorite inflation gauge, more Fed speeches, consumer sentiment data and durables goods order are among the key reports due on Thursday and Friday. More importantly, traders may also focus on the presidential debate that is scheduled for late Thursday.

FuturesPerformance (+/-)
Nasdaq 100+0.21%
S&P 500+0.05%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.01% at $544.90 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.16% to $480.15, according to Benzinga Pro data.

Cues From Last Session:

The tech rally, spearheaded by Nvidia Corp. (NASDAQ:NVDA), imparted strength to the broader market on Tuesday, although weakness elsewhere dragged the Dow Jones Industrial Average lower. IT and communication services stocks launched into a strong rally and energy stocks saw modest strength but most other S&P 500 sectors closed on the red.

The tech-heavy Nasdaq Composite outperformed, hovering in positive territory throughout the session, while the S&P 500 Index braved some mid-session weakness before recovering. The two averages snapped a three-session losing streak but they did not have enough momentum to break above their previous highs.

Among the economic data released on Tuesday, consumer confidence slowed in line with expectations in June and house price growth slowed in April – all pointers toward softening growth.

IndexPerformance (+/-)Value
Nasdaq Composite+1.26%17,717.65
S&P 500 Index+0.39%5,469.30
Dow Industrials-0.76%39,112.16
Russell 2000-0.42%2,022.35

Insights From Analysts:

Fund manager Louis Navellier is confident of the tech rally continuing. “Being underweight in tech remains a contrarian bet,” he said in a note to clients. “With the end of the quarter this week, we will shortly get another round of earnings which may give new perspectives on earnings momentum, but may also reemphasize the concentration at the top, as the AI theme gains momentum,” he said.

Carson Group’s Chief Market Strategist Ryan Detrick pointed to a historical trend that is positive for the market. Since 1950, the market has never peaked in June, he said.

Upcoming Economic Data:

  • The Commerce Department is scheduled to release the new home sales data for May at 8:30 a.m. EDT. Economists, on average, expect new home sales to come in at a seasonally adjusted annual rate of 640,000 up from a 634,000 rate in April.
  • The Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. EDT.
  • The Treasury is set to auction five-year notes at 1 p.m. EDT.

See Also: How To Trade Futures

Stocks In Focus:

  • Rivian Automotive, Inc. (NASDAQ:RIVN) climbed over 33% in premarket in reaction to its plan to forge a partnership with Volkswagen AG (OTC:VWAGY). Lucid Group, Inc. (NASDAQ:LCID) moved higher in sympathy.
  • FedEx climbed over 14% in reaction to the company’s quarterly results, while Worthington Enterprises, Inc. (NYSE:WOR) fell over 7.50%.
  • Whirlpool Corporation (WHR) rose nearly 14% after Reuters reported that Bosch is weighing a bid for the former.
  • General Mills, Inc. (NYSE:GIS) and Paychex, Inc. (NYSE:PAYX) are among the notable companies reporting earnings ahead of the market opening.
  • Those reporting after the close include Micron Technology, Inc. (NASDAQ:MU), H.B. Fuller Company (NYSE:FUL), Worthington Steel, Inc. (NYSE:WS) and Levi Strauss & Co. (NYSE:LEVI).

Commodities, Bonds And Global Equity Markets:

Crude oil futures firmed up, while gold futures pulled back. The benchmark 10-year U.S. Treasury note rose 4.1 basis points to 4.279%. Bitcoin (CRYPTO: BTC) flatlined around the $61K mark.

Asian stocks closed higher, tracking the positive close on Wall Street overnight amid the tech rally, although the Australian market bucked the uptrend. The European markets showed tentativeness in early trading.

Read Next: Nvidia Set For Another 100% Rally Before Year-End, Says Fund Manager: ‘They’ve Got 80 Yards Of A Clear Turf…Nobody’s Catching Up To Them’

Image Via Shutterstock


OpenAI whistleblowers ask SEC to investigate the company's non-disclosure agreements with employees

NEW YORK (AP) — OpenAI whistleblowers have filed a complaint with the Securities and Exchange Commission and asked the agency to investigate whether the ChatGPT maker illegally restricted workers from speaking out about the risks of its artificial intelligence technology.

These Are The Top Democratic Contenders Who Could Succeed Biden If President Were To Bow Out Of

In the wake of a debate performance that drew widespread criticism, speculation has been reignited about whether President Joe Biden should bow out before the November election.

Seven Unknown AI Stocks That Could Dominate the Next Six Years - Ad

The original "Magnificent Seven" stocks generated 16,800% over the last 20 years. But now a new set of AI stocks is set to take over. Alex Green dubs them "The Next Magnificent Seven." And he's arguing that just $1,000 in each could turn into more than $1 million in less than six years.

The 7th Trillion Dollar Company? - Ad

There are six American companies worth over $1 trillion. Could there be a seventh soon? This company signed a massive deal with Apple until 2040 and is also involved with Nvidia, Google, and Samsung. Could this be the next trillion-dollar company? A top stock expertpicker thinks so.

Gunman Dead, Trump Rally Attendee Killed, Says Local DA: Former President Comes Under Fire In Pennsylvania

Shooter at Trump rally in PA is dead, attendee killed. Trump safe, being evaluated. Biden calls for unity. Musk endorses Trump after shooting.

The Surprising Way to Play AI (Not Stocks!) - Ad

Almost nine out of 10 Americans completely ignore this market. And your broker probably isn't going to help you invest in this niche. That's because this niche of the AI market is completely outside of the stock market. Take advantage of these potential AI superstars....

Biden Widely Criticized Over Debate Performance, But Poll Also Points To Concerning Signs For Trump

In the aftermath of the initial 2024 presidential debate, a recent poll reveals a decline in President Joe Biden's mental and physical fitness ratings.

Exposed: 3 Cent Crypto to Explode July 22nd? - Ad

Chris Rowe, the man who spotted 44 different coins that have returned over 100%, is now making the biggest crypto call of his ENTIRE career.... Because a powerful crypto event will trigger on June 24th... Sending hundreds of tiny cryptos soaring 5X, 50X, even 100X -- in just days.

Trump's Crypto Portfolio Takes A Hit, Robert Kiyosaki Bats For Bitcoin And More: Top Crypto Updates This Week

The week was a rollercoaster ride in the world of cryptocurrency. From former President Donald Trump‘s significant crypto losses to the ambitious plans of Shiba Inu developers, the crypto market was anything but dull.

Elon Musk's Crazy New Experiment...REVEALED - Ad

On January 28th of 2024... Elon Musk launched a crazy AI experiment involving a real human in California. Elon already invested $100 million of his own money into this AI project... Because he knows the profits here could be ridiculous.

Mark Zuckerberg's Meta Reportedly Tests Apple Vision Pro-Like Feature For Quest Headsets

Meta Platforms Inc. is reportedly testing a new feature for its Quest headsets that allows users to position windows freely, similar to Apple Inc.'s Vision Pro, as discovered in version 67 of the Meta Quest Public Test Channel.

Your Second Chance to Profit from AI - Ad

If you missed out on Nvidia, don't worry. A 244-year-old pattern is about to trigger a $25.6 trillion AI surge... And send three overlooked stocks soaring 1,000%+

Boeing Faces Sanctions From NTSB Over Unauthorized Release Of 737 MAX Investigation Details

The NTSB's action further strains the relationship between Boeing and government agencies, amid the planemaker's efforts to avoid criminal charges from the U.S. Department of Justice (DOJ) before a July 7 deadline.

The End of America's Global Leadership - Ad

Believe it or not, this October surprise could end up being the real election story when historians write their books. And no matter who wins, it may be impossible to restore America's global standing afterwards.

Bitcoin, Ethereum, Dogecoin Stay Rangebound On Mt. Gox Anxiety: King Crypto Must Reclaim $64K For Sentiment To Flip Bullish, Says Analyst

Leading cryptocurrencies remained rangebound on Monday as investors braced for a week in which defunct exchange Mt.Gox will begin unloading a massive amount of coins onto the market.

This Is Where the World's Richest Men Are Putting Their Money - Ad

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

What's Going On With Cheche Group Shares Today?

Cheche Group shares rise as it expands insurance collaborations with BAIC Group's Beijing Anpeng, enhancing ties with new energy vehicle manufacturers in China.

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

Three of the world's biggest AI companies -- Google, Nvidia and Intel -- have even partnered with my No. 1 Imperium company to get on this massive mega trend. The average investor hasn't caught on yet, but you can still invest in my No. 1 Imperium company for just $10 a share.

New York Times Calls For Joe Biden To Withdraw From Presidential Race

New York Times urges Biden to withdraw from presidential race, citing debate performance and voter desire for fresh leadership.

Elon Musk's Chilling Warning for Humanity - Ad

Elon Musk warned that humanity will soon be 'obsolete.' Every port, railroad, highway, and airport in America is facilitating a kind of 'invasion' that will bring about centuries worth of change in the next few years. If Elon and the research are correct -- the results could be devastating for the average American.

What's Going On With Nikola Stock After Its Reverse Split?

Nikola Corporation shares are trading lower Tuesday after the stock began trading on a reverse split-adjusted basis. Here's a look at what to know:

Top 4 Real Estate Stocks That Could Lead To Your Biggest Gains In Q3

The most oversold stocks in the real estate sector presents an opportunity to buy into undervalued companies.

The World's First Trillion Dollar Drug - Ad

By 2030, Wall Street experts predict it could generate more revenue than the top 10 best-selling drugs... combined. Early investors stand to reap tremendous rewards as its growth surges 75,000% by 2030. Former hedge fund manager Ian King predicts this could become the world's first trillion-dollar drug. And he's recommending 3 little-known stocks to play this fast-moving trend.

Wheels Up Stock Is Rallying Tuesday: What's Driving The Action?

Wheels Up Experience Inc (NYSE:UP) shares are surging. The company on Tuesday announced a new streamline product portfolio in connection with Delta Air Lines Inc (NYSE:DAL), a strategic partner of the on-demand private aviation company.

Trump Media & Technology Stock Soars After Presidential Debate - What's Going On?

Trump's media group shares soared after the first 2024 presidential debate between Biden and Trump. Biden's age and hoarse voice raised concerns.

Wall Street's Most Accurate Analysts Spotlight On 3 Financial Stocks Delivering High-Dividend Yields

During times of turbulence and uncertainty in the markets, even when markets are at all-time highs, many investors turn to dividend-yielding stocks.

New Home Sales Dip In May As High Mortgage Rates Keep Buyers 'On The Sidelines'

Sales of new single-family homes declined in May due to high mortgage rates. Median sales price was $417,400. Inventory low, demand strong.

Man Who Predicted Trump 2016 Win: "Prepare for Election Meltdown" - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

Mortgage Stocks Tick Up As Freddie Mac Is Allowed To Buy Second Mortgages

US-listed mortgage lenders are rising as regulators allow Freddie Mac to buy second mortgages, potentially reducing the cost of borrowing against home equity.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright markethundred.com
Privacy Policy | Terms of Service