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Wall Street Traders on Edge Before Nvidia Earnings: Markets Wrap

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Stocks in Asia were poised for a sluggish start as traders assess heightened geopolitical risks while awaiting the latest earnings from the world’s most valuable company. Bitcoin extended its post-election rally.

November 19, 2024 at 5:49PM EST -- US stocks struggled to find footing in the final minutes of Wednesday trading as investors braced for Nvidia Corp. earnings and weighed the latest Ukraine-Russia tensions. The dollar rose.

Trading in options signaled Nvidia results will be the most important catalyst left this year — more than the Federal Reserve’s December meeting, according to Barclays Plc strategists. Its stock price has nearly tripled in 2024. To Subitha Subramaniam, chief economist at Sarasin & Partners, the market’s reliance on single stocks to drive benchmarks higher sets off red flags.

Traders are also monitoring President-elect Donald Trump’s administration picks, especially his selection for the Treasury secretary role. Former Federal Reserve Governor Kevin Warsh and Apollo Global Management’s Marc Rowan are contenders, according to people familiar with the matter. Meanwhile, Trump tapped Cantor Fitzgerald LP Chief Executive Officer Howard Lutnick to lead the Commerce Department, a key role to facilitate his tariff and trade policies.

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