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02/23/2024 |

Market Update Into February 26th: NVDA Saves The Day

Despite the fear and negative sentiment that was rampant at the start of the week, two of the three major indexes managed to make yet another new all-time high before a bit of a selloff ensued on Friday.

  • NVDA crushed earnings and got upgraded
  • Jamie Dimon sold JPM shares for the first time since becoming CEO
  • SPY & QQQ made new all-time highs, again
  • WMT underwent 3:1 stock split

Let’s dig into the individual names and see where things ended up!

Weekly Analysis

SPY (SPDR S&P 500)

This week, the SPY ETF sauntered higher and buyers of the 21-day EMA pullback continue to be rewarded. This has been the modus operandi ever since the 8/21 bullish cross-up back in November of last year. Additionally, this index closed at $507.85 (+1.66%), making it the strongest performer of the group.

This is a daily chart of the SPY index which shows the 8/21EMA cross and buyers continuing to step in on pullbacks to the 21 EMA.
QQQ (Invesco QQQ Trust)

Despite the selloff to begin the week, the QQQ ETF managed to find support right at the anchored VWAP from the yearly low. Price then gapped above the year-to-date Point-of-Control to make another new all-time high before closing the week at $436.78 (+1.43%).

This is a daily chart of the QQQ index which shows price finding support at the year to date low anchored vwap and then gapping over the year to date point of control.
IWM (iShares Russell 2000)

Closing at $199.89 (-0.88%), the IWM ETF found support this week at the 50-day SMA as it continues to squeeze and tighten above the Point-of-Control from the November gap up.

This is a daily chart of the IWM index, which shows price finding support at the 50 day SMA and squeezing just above the point of control from the November gap up.

Earnings

Notable Results

CVNA (Carvana Co.)

EPS:$1.00   vs   0.95 est
SALES: $2.42B   vs   $2.53B est

SQ (Block)

EPS: $0.45   vs   $0.59 est
SALES: $5.77B   vs   $5.70B est

INTU (Intuit)

EPS: $2.63   vs   $2.30 est 
SALES: $3.39B   vs   $3.39B est

NVDA (NVIDIA Corporation)

EPS: $5.16  vs  $4.64 est
SALES: $22.80B  vs  $20.62B est

RIVN (Rivian Automotive)

EPS: $1.36   vs   $1.32 est
SALES: $1.31B   vs   $1.26B est

LCID (Lucid Group)

EPS: $0.29   vs   $0.32 est
SALES: $152.7M   vs   $179.88M est

O (Realty Income Corporation)

AFFO: $1.01   vs   $1.04 est
SALES: $1.08B   vs   $1.02B est

PANW (Palo Alto Networks)

EPS: $1.46   vs   $1.30 est 
SALES: $9.90B   vs   $9.76B est

HD (Home Depot)

EPS: $2.82   vs   $2.78 est 
SALES: $34.79B  vs   $34.64B est

WMT (Walmart)

EPS: $1.80  vs   $1.65 est
SALES: $173.40B   vs   $170.71B est

What’s Happening Now

NVDA (NVIDIA Corporation)

Analysts boosted their NVDA price targets as high as $1,100 after the company blew past Q4 expectations with earnings of $5.16 per share and record-breaking sales of $22.10 billion, sparked by jaw-dropping growth, especially in its Data Center business which grew by an incredible 409% YoY.

This is an image of all the analyst upgrades that came in for NVDA this week.

WMT (Walmart)

Walmart underwent its tenth stock split (3-for-1) on Friday and will begin trading on a split-adjusted basis of ~$58 on Monday. If you had bought a single Walmart share on its IPO in 1970 and held on to it until today, you would have a total of 1,536 shares worth over $90,000.

This image shows stock splits data from the 'what's happening now' widget. Of note is the 3:1 split Walmart undergoes next week.

WMT (Walmart)

Looking for rollback discounts on Walmart stock after the split? You might not find them, as WMT has a remarkable 50-year track record of delivering an average 73% win rate and a 4.53% average return in March over the last half-century.

This is a seasonality chart for Walmart, which shows that March is it's strongest month of the year, historically.


Believe it or not, this is just a fraction of what happened in the markets this week. For a full run down delivered straight to your inbox every weekend, sign up for The Official TrendSpider Newsletter!