Stock futures are pointing to a slightly higher open after four straight days of declines for the benchmark S&P 500; Investors are bracing for the latest quarterly earnings report from Nvidia, due after the closing bell Wednesday; Lowe’s shares are surging after the home improvement giant reported solid earnings a day after rival Home Depot missed profit estimates; Target shares are lower after the retailer reported a larger drop in sales than analysts had forecast; and the Department of Energy is backing a loan to help Constellation Energy reopen the Three Mile Island nuclear power plant in Pennsylvania. Here’s what you need to know today.
Stock Futures Tick Higher as Major Indexes Look to Snap Losing Streaks
Stock futures are slightly higher as investors digest earnings reports from major retailers and prepare for the highly anticipated release of quarterly results from AI chipmaker Nvidia later today. Futures tied to the Dow Jones Industrial Average were up 0.1% recently, while those linked to the benchmark S&P 500 and the tech-heavy Nasdaq added 0.2% and 0.3%, respectively. The Dow and the S&P 500 have closed lower in each of the past four sessions, while the Nasdaq is riding a two-day losing streak as tech stocks have been under pressure. Bitcoin was at $91,500 recently, down from around $93,000 yesterday afternoon but up from an overnight low of near $90,000. Gold futures were up 1.3% at $4,120 an ounce, gaining ground for the first time in five days, while crude oil futures slipped 2.5% to $59.25 per barrel. The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans, was little changed, around 4.11%.
Nvidia Set to Release Results After the Closing Bell
Nvidia (NVDA), the chipmaker at the center of the AI boom, is scheduled to release its highly anticipated earnings report after the market closes this afternoon. The report comes as anxiety has built across the market in recent weeks that excitement around AI has created a bubble in the stock market. The chipmaker, which is the world’s most valuable company by market capitalization, is expected to report rising revenue and profits. Nvidia shares are expected move significantly after the results are released, which is bound to have a big impact on the broader market and investors in general. The stock, which has lost nearly 15% of its value since hitting an all-time high in late October, was up 1.5% in recent premarket trading.
Lowe’s Beats Profit Estimates a Day After Rival Home Depot’s Fell Short
Shares of Lowe’s Companies (LOW) are rising this morning after the retailer reported strong profits, a day after rival Home Depot’s (HD) profits fell short of expectations. Lowe’s reported third-quarter earnings per share of $3.06, up from $2.89 a year earlier and topping Wall Street estimates, while sales of $20.81 billion were roughly in line with expectations. The company also lifted its full-year sales outlook to $86 billion, up from $84.5 billion to $85.5 billion, and forecast adjusted earnings per share of $12.25, compared with a previous projection of $12.20 to $12.45. Lowe’s credited the shift in guidance to “ongoing uncertainty in the macroeconomic environment,” along with including the impact of recently-acquired Foundation Building Materials. Lowe’s shares were up more than 5% in recent premarket trading.
Target Sales Come in Below Wall Street Expectations
Target (TGT) shares are losing ground after the retail giant reported revenue for the third quarter that came in below analysts’ estimates. The company’s revenue fell 1.5% from a year ago to $25.27 billion, while adjusted earnings per share were $1.78, topping the analyst consensus. Comparable store sales fell 3.8% for Target’s retail locations, partially offset by a 2.4% gain in comparable sales online. Chief Operating Officer Michael Fiddelke, who is slated to take over as CEO in February, said the quarter was in line with Target’s expectations “despite multiple challenges continuing to face our The retailer also narrowed its full-year adjusted EPS forecast to $7.00 to $8.00, versus $7.00 to $9.00 previously. Shares were down 3% in premarket trading.
US Provides Constellation With $1B Loan to Restart Three Mile Island Plant
Shares of Constellation Energy Corp. (CEG) are rising this morning, a day after the Department of Energy announced its support for a deal involving the power provider. The DOE said Tuesday that it is providing Constellation with a $1 billion loan to help the company restart activity at the Three Mile Island nuclear power facility in Pennsylvania. Last year, Constellation and tech giant Microsoft (MSFT) announced a deal that would see Constellation restart the Three Mile Island Unit 1 nuclear reactor and provide its power to run some of Microsoft’s data centers in the area. Constellation shares were up more than 2% recently.
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