Wed Nov 20 23:43:05 UTC 2024: ## Wall Street Wobbles Ahead of Nvidia’s Earnings; Target Tanks After Disappointing Results

**New York, NY –** US stock markets experienced a rollercoaster ride Wednesday, with initial losses recovered ahead of Nvidia’s (NVDA) highly anticipated earnings report. While the Dow Jones Industrial Average edged up 0.3% and the S&P 500 remained relatively flat, the Nasdaq Composite dipped slightly. This followed a day of significant market volatility, with the Nasdaq falling over 1% earlier in the trading session.

Nvidia, the world’s most valuable company, reported better-than-expected earnings per share ($0.81) and revenue ($35.1 billion) exceeding analyst projections. However, shares slipped slightly in after-hours trading despite beating expectations. The company’s stock has already seen a remarkable 200% surge this year.

In stark contrast, Target (TGT) suffered a dramatic 21% drop after missing earnings estimates and slashing its full-year guidance, marking its worst single-day performance since May 2022. The retailer expressed muted expectations for holiday sales, further dampening investor sentiment.

The housing market also showed signs of cooling, with homebuilder stocks experiencing declines amid rising mortgage rates and lumber prices. Analyst Jay McCanless of Wedbush attributed the downturn to the inverse relationship between homebuilder stock performance and mortgage rates, which are currently hovering around 6.7%.

Bitcoin (BTC-USD) saw a surge, briefly exceeding $94,000 per token, fueled by optimism surrounding a potentially crypto-friendly Trump administration. Galaxy Digital CEO Mike Novogratz highlighted this expectation, suggesting a more supportive regulatory environment could benefit the crypto industry.

Elsewhere, Comcast announced plans to spin off most of its cable networks into a new publicly traded company, resulting in a pre-market stock surge. Walmart and Lowe’s also warned of potential cost increases due to potential new tariffs under a Trump presidency. Finally, Williams-Sonoma reported strong third-quarter earnings, exceeding expectations and boosting its full-year outlook. The company also stated its preparedness to mitigate the potential impact of increased tariffs. The growing gap between homeownership and renting costs also continues to widen, reaching near-historical highs. Federal Reserve Governor Michelle Bowman expressed concern that inflation progress has stalled, suggesting caution in future rate cuts.

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