Nasdaq nerves frayed ahead of Wednesday’s Nvidia earnings report | Forexlive

The US economic calendar is bare this week and market participants may be turning to earnings instead. The big one this week is on Wednesday with the release of Nvidia’s quarterly report. The options market is pricing in an 11% implied move.

Goldman Sachs highlighted how the prior two earnings reports crushed on EPS by 20-30% and yet shares didn’t rise the following day. That’s a risky setup and some bulls are getting out of the way today with shares down 5%,

That’s led to some broader tech selling with the Nasdaq down 1.2% despite lower Treasury yields.

Also on the earnings front, shares of Home Depot are down 1.3% today on soft guidance while Wal-Mart is up 5.7%. That’s a mixed picture on the US consumer.