Stock Market Today: Stock rally marches on with Nvidia earnings in focus
The S&P 500, which hit an all-time high of 5,325.49 points last week, is outpacing gains for the Nasdaq so far this year.
![Stock Market Today: Stock rally marches on with Nvidia earnings in focus](https://bizli.net/uploads/images/202405/image_870x_664b495e0c6da.jpg)
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U.S. equity futures bumped higher Monday as investors looked to extend a run of four consecutive weekly gains for the S&P 500 heading into a key stretch of earnings reports, highlighted by Nvidia's first quarter earnings update and a host of Federal Reserve speakers.
Updated at 8:34 AM EDT
JPMorgan boost
JPMorgan (JPM) shares bumped higher in early trading as the biggest U.S. bank boosted a key performance target ahead of its annual investor day in New York
JPMorgan said net interest income, the difference between what it pays out in deposits and takes in on investments, will likely rise to $91 billion this year, a $2 billion improvement from its early April forecast.
JPMorgan shares were marked 0.4% higher in premarket trading to indicate an opening bell price of $205.52 each, a move that would extend the stock's year-to-date gain to around 20%.
$JPM CFO on NII outlook: "When I look at our internal outlook for the next 6 quarters, the sequential NII trajectory is a bit noisy, and I see instances of sequential increases followed by sequential declines. We'll have to see how it plays out. But given that, I would discourage… https://t.co/uRFrfHS6El— The Transcript (@TheTranscript_) May 20, 2024
Updated at 8:17 AM EDT
That's Gold, Jerry ... Gold!
Gold prices hit a fresh all-time high of $2,449.89 per ounce in overnight trading, boosting the bullion's 2024 advance to around 19%, following last week's slowing inflation report that ramped-up bets for an Autumn Fed rate cut.
$XME $COPPER $GOLD $SILVER $NICKEL why are metals so important? because the correlation with US inflation is very high so when they rise they drag inflation along after a short time... in the last 20 years we see a very high correlation... will it change or continue?… pic.twitter.com/ncCb6VkBjX— Stefano Bottaioli (@stebottaioli) May 20, 2024
Stock Market Today
Stocks ended firmly higher on Friday, with the S&P 500 nudging its monthly advance to 6.3% and the Dow Jones Industrial Average closing north of the 40,000 point mark, as easing inflation data and a robust first quarter earnings season continue to power global equity markets.
With around 93% of the S&P 500 reporting, collective first-quarter profits are expected to rise 7.6% from a year earlier to $468.9 billion, with the second-quarter growth rate improving to around 10.5%.
2024 earning sentiment soaring across all regions pic.twitter.com/Qlm4DK1gWo— Mike Zaccardi, CFA, CMT
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