{"id":6115,"date":"2024-02-20T22:40:23","date_gmt":"2024-02-20T22:40:23","guid":{"rendered":"https:\/\/economicherald.net\/?p=6115"},"modified":"2024-02-20T22:40:23","modified_gmt":"2024-02-20T22:40:23","slug":"market-highlights-walmart-hits-record-high-nvidias-results-preview-and-5-asx-small-caps-to-watch-today","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6115","title":{"rendered":"Market Highlights: Walmart hits record high, Nvidia\u2019s results preview, and 5 ASX small caps to watch today"},"content":{"rendered":"<p><a href=\"https:\/\/www.amscot.com.au\/\"><\/a><\/p>\n<p><strong>ASX to fall, in line with Wall Street<\/strong><br \/>\n<strong>Walmart, Home Depot updates results, but market is waiting for Nvidia<\/strong><br \/>\n<strong>Why Nvidia\u2019s earnings are crucial<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The ASX is poised to open lower on Wednesday, in line with Wall Street. At 8am AEDT, the ASX 200 index futures contract was pointing down by -0.3%.<\/p>\n<p>Overnight, the S&amp;P 500 fell by -0.60%. The blue chips Dow Jones index was down by -0.17%, and the tech-heavy Nasdaq tumbled by -0.92%.<\/p>\n<p>Earnings are still front of mind.\u00a0Traders are on edge ahead of <strong>Nvidia Corp\u2019<\/strong>s much anticipated results release later today. Short dated options on the stock show that it will move by 10% on Thursday morning US time.<\/p>\n<p>Nvidia and the other members of the Magnificent Seven have become an integral part of the US stock market.<\/p>\n<p>\u201cIf Nvidia reports estimates in line with consensus, the Magnificent 7 will have grown sales by 15% year\/year and lifted margins by 582 basis points year\/year, leading to earnings growth of 58%.<\/p>\n<p>\u201cIn contrast, the remaining 493 stocks in the S&amp;P 500 grew sales by 3% year\/year while margins contracted by 56 basis points and earnings fell by 2%,\u201d said a note from Goldman Sachs.<\/p>\n<p><strong>Walmart<\/strong>\u2019s shares meanwhile rose +3% to a record high after the retailer\u2019s sales and earnings per share came in above analysts\u2019s estimates.<\/p>\n<p><strong>Home Depot<\/strong> was flat despite Q4 sales decline and a weak guidance.<\/p>\n<p>Microchip stocks however struggled, with <strong>Super Micro Computer<\/strong> falling -2% and market darling <strong>Advanced Micro Devices<\/strong> by almost -5%.<\/p>\n<p><strong>Capital One<\/strong> said it\u2019s buying <strong>Discover Financial Services<\/strong> in a US$35.3 billion megadeal.<\/p>\n<p>\u00a0<\/p>\n<h2>Why Nvidia\u2019s results are crucial<\/h2>\n<p>While one company doesn\u2019t make or break a market, the growing influence of Nvidia on the emerging AI sector should be closely watched.<\/p>\n<p>Analysts are calling Nvidia\u2019s earnings the most important this season.<\/p>\n<p>\u201cAny signs that the AI boom may be slowing could lead to a big bearish reversal in the stock, so traders are justifiably on tenterhooks ahead of the release,\u201d said <em>Matthew Weller at Forex.com and City Index.<\/em><\/p>\n<p>Expectations are for a record-breaking revenue and EPS growth due to the strong AI demand. But what investors will keenly watch is Nvidia\u2019s guidance, to see how far the demand for AI will continue.<\/p>\n<p>Some experts however are not too optimistic.<\/p>\n<p>\u201cIt has become a check-the-box stock,\u201d said <strong>Cathie Wood<\/strong> on a podcast with the <em>The Wall Street Journal.<\/em><\/p>\n<p>\u201cIt\u2019s surprising hugely on the high side of expectations. And we do think that expectations could be getting ahead of themselves,\u201d Wood said.<\/p>\n<p>\u00a0<\/p>\n<h2>In other markets \u2026<\/h2>\n<p><strong>Gold price<\/strong> rose by +0.30% to US$2,023.87 an ounce.<\/p>\n<p><strong>Oil prices<\/strong> were down -1.5%, with Brent now trading at US$82.47 a barrel.<\/p>\n<p>The benchmark <strong>10-year US Treasury yield<\/strong> dipped by 5 basis points (bond prices higher) to 4.27%.<\/p>\n<p><strong>Iron ore futures<\/strong> slumped by -5% US$120.85 a tonne.<\/p>\n<p>The <strong>Aussie dollar<\/strong> inched higher by +0.15% to US65.48c.<\/p>\n<p>Meanwhile, <strong>Bitcoin<\/strong> rose by +0.75% in the last 24 hours to US$52,102.<\/p>\n<p>\u00a0<\/p>\n<h2>5 ASX small caps to watch today<\/h2>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/camplify-holdings-chl\/\">Camplify (ASX:CHL)<\/a><\/strong><br \/>\nFor the half, Camplify reported revenue growth of 95.4% vs pcp to $24.3m. This was on the back of a 59% increase in total bookings to 44,782. Camplify closes H1 with $26m in future bookings, excluding PaulCamper bookings and excluding TAP, up from $23.7m in the pcp.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/laramide-resources-lam\/\">Laramide Resources (ASX:LAM)<\/a><\/strong><br \/>\nLAM announced assay results received from the 2023 drilling campaign at the Huarabagoo deposit at the Westmoreland Project in NW Qld. All 13 holes intercepted multiple zones of mineralisation (&gt;100ppm U3O8), with some zones displaying grades exceeding 1.0% U3O8. The uranium mineralisation is hosted in the Westmoreland sandstone unit adjacent to the intrusive mafic Redtree dyke system.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/askari-metals-as2\/\">Askari Metals (ASX:AS2)<\/a><\/strong><br \/>\nAskari has acquired 100% ownership of Matemanga Uranium Project (under application), spanning more than 260km2 in highly prospective area of Tanzania. An extensive review of available data identified significant radiometric anomaly measuring 10km by 6km, reinforcing exploration potential for uranium. Matemanga is located less than 220km southeast of the Kayelekera Uranium Project (Malawi), owned by <a href=\"https:\/\/stockhead.com.au\/company\/lotus-resources-lot\/\">Lotus Resources (ASX:LOT)<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/veris-vrs\/\">Veris (ASX:VRS)<\/a><\/strong><br \/>\nVeris announced some key contract wins across the business nationally. Veris secured a $1 million contract to provide engineering surveys for the Rail Revitalisation Program in WA. The company has also won a further $5.2 million in new project work across the infrastructure, property, mining, government &amp; defence sectors. Veris\u2019 secured forward workload is in excess of $60 million for the next 12 months.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/raiden-resources-rdn\/\">Raiden Resources (ASX:RDN)<\/a><\/strong><br \/>\nThe metals explorer said results of the Induced Polarisation (IP) orientation survey at the Mt Sholl Project concluded that anomalies correlate with Raiden\u2019s modelled JORC Exploration Target mineralisation extensions. Anomalies defined through this survey have not been drill tested, and represent a significant potential for definition of further mineralisation.<\/p>\n<p>\u00a0<\/p>\n<p><em>At Stockhead we tell it like it is. While Raiden Resources is a Stockhead advertiser, it did not sponsor this article.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-walmart-hits-record-high-nvidias-results-preview-and-5-asx-small-caps-to-watch-today\/\">Market Highlights: Walmart hits record high, Nvidia\u2019s results preview, and 5 ASX small caps to watch today<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>ASX to fall, in line with Wall Street Walmart, Home Depot updates results, but market is waiting for Nvidia Why Nvidia\u2019s earnings are crucial \u00a0 <a href=\"https:\/\/economicherald.net\/?p=6115\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6116,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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