E-mini S&P Futures Test Record Highs After NVDA Earnings

E-mini S&P (September) / E-mini NQ (September)

S&P, yesterday’s close: Settle at 6496.00, up 13.50

NQ, yesterday’s close: Settled at 23,628.75, up 37.25

NVDA beat earnings estimates and topped guidance. Given the high bar, the stock initially slipped by -3%, as Data Center revenues were light and whisper expectations were even higher. However, during the call, it was noted that the guidance did not include any H20 revenues from China, meaning the $54 billion revenue guidance for the current quarter can increase by $2 to $5 billion.

The first revision of Q2 GDP came in stronger than expected at 3.3%, versus 3.0%, and PCE Prices were revised lower for the quarter to 2.0% from 2.1%. Initial Jobless Claims were better at 229k, versus 231k expected. Fed Governor Waller, the frontrunner to replace Fed Chair Powell, speaks at 3:00 pm CT. Core PCE, the Fed’s preferred inflation indicator, is due tomorrow at 7:30 am CT.

E-mini S&P futures are testing the August 15th record high of 6508.75 with a spike to 6505.50 on NVDA’s earnings release and trading 6506.75 overnight. E-mini NQ futures spiked above major three-star resistance aligning with last Friday’s high at 23,616-23,650, but still within that range. The reception of these levels will be crucial through the first hour. Furthermore, holding above our Pivot and point of balance will be favorable for that test. To the downside, we have major three-star support at..