Wall St poised for flat open, focus on Nvidia earnings

📆 28/08/2024 11:09:00
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Aug 28 - Wall Street's main indexes were set for a muted open on Wednesday ahead of Nvidia's earnings report, with focus squarely on if the recent bull market rally that was led by the AI chip firm and other tech-related shares can be sustained.

Any disappointment in Nvidia's results could hurt megacaps and other semiconductor stocks, which have led 2024's rally on the prospect of artificial intelligence integration boosting corporate profits. Other chip stocks such as Qualcomm , and Advanced Micro Devices , edged lower, as did megacaps including Meta , Microsoft , and Alphabet .

Odds of a 25-basis point reduction currently stand at 65.5%, while those of a 50-bps cut are at 34.5%, according to the CME Group's FedWatch Tool.

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