Beat the street: NVIDIA results in focus; Fed speakers; FOMC minutes; Boeing
Wall Street continues to grind up with NVIDIA earnings in focus. FOMC minutes due this week likely to test Wall Street's record-breaking run.
Plus, Boeing’s jet deliveries in focus ahead of a new targeted day for the first crewed Starliner launch.
(Partial Video Transcript)
NVIDIA earnings in focus
Angeline Ong: Hello. Welcome to “Beat the street”. I'm Angeline Ong. This is a show that you need to watch to get yourself ahead of the Wall Street open. Coming up... Wall Street stocks continue to grind up with and NVIDIA’s earnings in focus. And FOMC minutes due this week likely to test Wall Street's record breaking run. And Boeing jet deliveries and orders in focus ahead of a new target today for the first crewed Starliner launch.
Now, plenty more in the coming session. First, let's get straight to Chris Vecchio all the way from New York from tastylive. Chris, it's a pretty quiet week out there, but really the momentum is going to be based on NVIDIA, would you say?
Chris Vecchio: This is another one of those weeks where it feels like the entire market is hanging their hat on NVIDIA. It feels like this is a very high hurdle for NVIDIA to clear at this point in time. Its valuation metrics are stretched, not compared to where they were earlier this year, but by historical standards, they are stretched. And fund managers probably have a difficult time justifying allocating every additional dollar to the shares at this point in time. So unless it's a blowout earnings report with very strong forward guidance, it wouldn't be surprising if this is an opportunity for people to take some profit off the table and ultimately reset the allocations as we move into the middle of the year.
Angeline Ong: What's also interesting, Chris, is what happens if NVIDIA does shock in a week when, as you say, everyone's hanging their hat on the stock, could this just really ruin the party for the grind up for Wall Street?
Chris Vecchio: It certainly could. But as we saw just three months ago in February when NVIDIA released their astounding earnings report, it was pretty clear the market was nervous going until and then once we got the figure we wanted immediately opened up on the highs the next day, and continued our bull run for the next few weeks before ultimately that correction came in at the start of April.
Watch the video for the full interview and market news updates
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