US stock indices closed lower on Friday, resulting in a negative week for the Dow, NASDAQ and S&P. The ‘small-cap’ domestically-focused Russell 2000 was the biggest loser, ending the session 1.4% lower. Despite this, it was the only stock index to have a positive week, gaining 1.1%. Investors had to deal with hotter-than-expected consumer and wholesale inflation, along with disappointing Retail Sales numbers. Also, on Friday, there was a surprise intervention from former US Treasury Secretary Larry Summers. Talking to Bloomberg, he warned that recent economic data suggest that: ‘there's a meaningful chance, maybe it's 15%, that the next move is going to be upwards in rates, not downwards.’
US equity and bond markets are closed for Presidents’ Day, so we can expect a quiet session. In fact, it is shaping up to be a quiet week. The fourth quarter earnings season is drawing to a close. Analysis from FactSet says that 79% of S&P 500 constituents have now reported, with 75% beating expectations on earnings, and 65% on revenues. The next two weeks will see plenty of big retailers publish results, including Walmart tomorrow. But the main focus will be on generative AI chipmaker NVIDIA, which will report after the close on Wednesday. NVIDIA’s share price has risen just under 400% since January 2023, and is up 50% in the last seven weeks alone. It’s spectacular gains have seen its market capitalisation soar to make it the third largest US corporation, only led by Microsoft and Apple. Can its latest set of results and forward guidance help lift it more, or will it finally disappoint?
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