As Nvidia (NVDA) goes, so goes the stock market. As expected, the most valuable company in the world's quarterly report was a lightning rod for investors this week. Pre-earnings buzz propped up Wall Street and helped snap four-day losing streak Wednesday. Combined with a jobs report finally unearthed, this week was poised to be the end of the tech-driven selloff.
Immediately after the earnings triple play, that looked like the case. But the promise of Big Tech was short-lived, with the Dow reversing over 1,000 points by session close, a dramatic reversal seen only 12 other times. Even restored rate-cut sentiment Friday wasn't enough to erase steep weekly losses across the board. At midday, the S&P 500 and Nasdaq are on track for their worst weekly performance since March and April, respectively.
Not Just Nvidia
Aside from Nvidia, there were plenty of other tech storylines to monitor. Quantum Computing (QUBT) surged after a top-line beat, while an upgrade boosted cloud concern Rubrik (RBRK). Dell Technologies wasn't as lucky, suffering a double downgrade, while Alphabet (GOOGL) fared the best of the Magnificent Seven thanks to a $4.9 billion stake from Warren Buffett's Berkshire Hathaway (BRK.A).
There are silver linings scattered throughout the sector. Semiconductor supplier Broadcom (AVGO) is testing a key trendline, while ON Semiconductor (ON) announced a $6 billion buyback plan. IBM (IBM) continues to zag, securing a quantum deal with Cisco Systems (CSCO) that should pique contrarian interest.
Retail Earnings in Focus
A handful of retailers entered the earnings confessional, too. Walmart (WMT) surged off an impressive Q3 report. Home improvement rivals Lowe's (LOW) and Home Depot (HD) sported opposing earnings reactions, not dissimilar to peers Target (TGT) and TJX Companies (TJX).
What to Expect for Thanksgiving Week
Though next week is shortened due to the Thanksgiving holiday, there is still plenty for investors to unpack. On the earnings front, the retail trend continues, with Abercrombie & Fitch (ANF), Best Buy (BBY), Dell (DELL), Dick's Sporting Goods (DKS), HP (HPQ), Kohl's (KSS), Nio (NIO), Petco Health & Wellness (WOOF), Urban Outfitters (URBN), Zscaler (ZS), all reporting.
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