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Afternoon Note

All eyes on NVIDIA

By Karina Hernandez, Senior Research Analyst
11/21/2023 1:21 PM

Major indices are lower today.  The Street is awaiting the minutes from the October 31-November 1 FOMC meeting, which will be released at 2pm, and Nvidia’s (NVDA) earnings report after the close (more below).

On the economic front, Existing home sales declined to 3.79M in October, missing consensus of 3.90M. The index hit its lowest level since 2010.

This index will probably not go much lower, as recently, mortgage rates have fallen from the high point of 8%, and mortgage applications have picked up modestly.

Technology is the biggest laggard; however, the sector has been this month’s biggest winner so far, up 12.2% for the month.

Significant attention is on Nvidia (NVDA) as the chip giant is set to report earnings after the closing bell. The stock has more than tripled in value so far this year, driven by strong results and guidance, driven by the company’s capabilities in artificial intelligence.



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