Investing.com – Market Update

Wall Street is cautiously anticipating Nvidia’s quarterly results. Key developments include layoffs at Apple and Bitcoin’s dip.

1. Nvidia to Determine Market Mood

Nvidia (NASDAQ:NVDA) will report quarterly results Wednesday, crucial for future market sentiment. Its market cap surged to $3.2 trillion, briefly becoming the world’s most valuable company. Earnings could sway the market significantly, with options suggesting a 9.8% move in shares. Analysts expect a revenue increase of about 112% year-over-year to $28.68 billion, but margin pressures may weigh on market reactions.

2. Futures Listless Ahead of Key Earnings

U.S. stock futures showed little change on Wednesday as traders await Nvidia’s earnings. Dow futures rose by 35 points, while Nasdaq futures fell slightly. Other companies releasing results include Bath & Body Works and Nordstrom, which reported strong performance.

3. Apple Lays Off Staff Ahead of New iPhone Unveiling

Apple (NASDAQ:AAPL) reportedly cut about 100 jobs in its digital services group amid shifting priorities and is set to unveil a new iPhone in early September, anticipated to trigger its biggest upgrade cycle yet.

4. Bitcoin Feeling Unloved

Bitcoin fell sharply, trading below $60,000. Large transfers to crypto exchanges raised concerns of significant sell-offs, and investor optimism seems to be fading ahead of the U.S. presidential election, affecting market sentiment.

5. US Stockpiles Provide Little Crude Support

Crude prices dipped despite a significant draw in U.S. inventories. The American Petroleum Institute reported a 3.4 million barrel drop, but concerns of cooling demand post-summer could weigh on prices.