All eyes on Nvidia earnings! | MarketTalk: What’s up today? | Swissquote

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The market mood turned sour again, and the S&P500 fell after a short relief. S&P’s bank rating downgrades weighed on bank stocks.
Elsewhere, the rising rates and declining purchasing power finally start showing in some retailers’ quarterly announcements. Macy’s for example sank 14% yesterday as Dick’s Sporting Goods slumped more than 24% on ‘elevated inventory shrink – in particular theft. Both companies gave a morose outlook for consumer demand moving forward.
The US 2-year yield pushes higher above the 5% mark, while the 10-year yield struggles near 4.30%, where it sees decent resistance, as Chinese efforts to prop up the yuan also weighs on US Treasuries.
The dollar index remains bid above its 200-DMA, the EURUSD is on a decidedly bearish path. The USDJPY is steady a touch above the 145 mark, while Cable sees resistance at its 50-DMA, a touch below the 1.28 mark.
Today, all eyes are on Nvidia earnings due after the closing bell. Investors will focus on whether Nvidia’s Q2 sales meet the $11bn estimate. Anything less than absolutely fantastic could trigger a sharp downside correction in Nvidia’s stock price which rallied 345% since the October dip.
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