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Nvidia Earnings Loom as Tech Steadies and Bitcoin Crashes Through $90K

MarketDash Editorial Team
18 days ago
The world's most valuable company reports after the bell in what could be a make-or-break moment for market sentiment. Meanwhile, Bitcoin's meltdown accelerates, tech shows cautious optimism, and energy stocks get surprise catalysts.

Wednesday's trading session feels like the calm before the storm, and everyone knows which storm is coming. Nvidia Corp. (NVDA) reports third-quarter earnings after the close, and as the world's most valuable company, it has the power to either propel markets through year-end or send them spiraling into the holidays.

By midday in New York, the tech-heavy Nasdaq 100 was showing tentative signs of life after getting knocked around for two straight sessions. The index climbed modestly with Nvidia itself up nearly 2%, apparently buoyed by optimism that the AI darling will deliver another blockbuster report. Semiconductors as a sector led the recovery with a 1.3% advance, which makes sense when you consider how much is riding on the chip industry right now.

The S&P 500 posted marginal gains, inching higher alongside tech. The Dow Jones Industrial Average, meanwhile, slipped 0.2%, continuing its stubborn resistance to join the party.

There's another piece of the puzzle dropping today: the minutes from the Federal Reserve's October meeting. Traders are eager to parse through the Fed's thinking as they head into December's policy decision. Right now, market odds are essentially a coin flip between another rate cut and holding steady, so any hints from those minutes could swing sentiment one way or another.

Energy Stocks Get Unexpected Catalysts

While everyone obsesses over Nvidia, some interesting action played out in the energy sector. GE Vernova Inc. (GEV) surged nearly 6% after announcing its first international onshore wind repower upgrade contract. The deal with Taiwan Power Company involves supplying 25 upgrade kits to boost turbine performance in Taiwan. It's the kind of international expansion that investors love to see, especially as renewable energy infrastructure continues its global buildout.

Even more dramatic was Constellation Energy Inc. (CEG), which also rallied 6% following news of a $1 billion loan guarantee from the U.S. Department of Energy. The money will help restart the Three Mile Island Unit-1 nuclear reactor, now diplomatically rebranded as the Crane Clean Energy Center, with a target restart date of 2028. Yes, that Three Mile Island. Nuclear power is having quite the renaissance as data centers and AI infrastructure demand clean baseload power.

Utility Deal Rejection Sends Stock Plummeting

Not everyone had a good Wednesday. Eversource Energy (ES) absolutely cratered, plunging 9% in what marked its worst single-day loss since March 2020. The culprit? Connecticut regulators rejected the utility's proposal to sell its Aquarion Water Company subsidiary. When your growth strategy involves selling off assets and regulators say no, investors tend to head for the exits.

Crypto's Nightmare Continues

If you thought crypto was having a bad week, Wednesday made it worse. The selling pressure that's been building in digital assets turned into a full-blown rout. Bitcoin (BTC) dove more than 3% to slip below $90,000, hitting a fresh seven-month low. This isn't just a correction anymore; it's starting to look like a proper meltdown.

The carnage spread across the crypto ecosystem. Coinbase Global Inc. (COIN) fell 4.2% to $251, its lowest level since mid-June. Strategy Inc. (MSTR), formerly known as MicroStrategy and basically a leveraged Bitcoin play at this point, got hammered even harder, plummeting over 9% to touch a 13-month low.

Ethereum (ETH) dropped more than 6% to $2,930, its weakest showing since early July. Solana (SOL) wasn't spared either, falling 5.5%. The numbers are staggering when you zoom out: the total crypto market cap has contracted from $4.27 trillion at October's peak to $3.02 trillion now. Bitcoin alone has shed over $700 billion in value. That's real money evaporating, even if it's digital money.

Commodities: Oil Drops, Gold Holds Steady

Over in commodities, crude oil slid more than 2% to $59 per barrel after commercial inventories came in higher than expected. More supply tends to do that to prices.

Gold held firm at $4,060 per ounce, maintaining its safe-haven appeal. Silver declined 0.4% to $50.50. Both precious metals faced some pressure from a strengthening dollar, which makes sense given the inverse relationship they typically share.

Wednesday's Market Snapshot

By 12:15 p.m. ET, here's how the major indices stood:

  • Nasdaq 100: 24,562.37, up 0.3%
  • S&P 500: 6,627.55, up 0.2%
  • Dow Jones: 46,022.55, down 0.2%
  • Russell 2000: 2,344.70, down 0.2%

The major ETFs reflected similar patterns. The Vanguard S&P 500 ETF edged 0.1% higher to $607.73. The SPDR Dow Jones Industrial Average fell 0.2% to $460.62. The Invesco QQQ Trust Series, which tracks the Nasdaq-100, inched 0.2% up to $597.66. The iShares Russell 2000 ETF held steady at $233.41.

Sector performance told an interesting story. The Technology Select Sector SPDR Fund outperformed with a 0.3% gain, while the Energy Select Sector SPDR Fund lagged badly, down 1.5%, likely pressured by falling oil prices.

Wednesday's Biggest Winners

Among Russell 1000 components, MP Materials Corp led the gainers with a 9.16% surge. BellRing Brands Inc. jumped 7.59%, while Amentum Holdings Inc. gained 7.28%. Unity Software Inc climbed 6.04%, and Amer Sports Inc rounded out the top five with a 5.58% advance.

Wednesday's Biggest Losers

On the flip side, Circle Internet Group Inc topped the losers list, down 10.02%. Strategy Inc. fell 9.68%, while Eversource Energy dropped 9.64%. Sarepta Therapeutics Inc declined 8.28%, and AECOM fell 7.89%.

All eyes now turn to Nvidia's earnings report. The company has become something of a bellwether for the AI trade and tech sector broadly. A strong report could validate the premium valuations tech stocks have been commanding. A disappointment could trigger the kind of selling that makes today's modest losses look quaint. Either way, volatility seems guaranteed for Thursday's session.

Back to News

Nvidia Earnings Loom as Tech Steadies and Bitcoin Crashes Through $90K

MarketDash Editorial Team
18 days ago
The world's most valuable company reports after the bell in what could be a make-or-break moment for market sentiment. Meanwhile, Bitcoin's meltdown accelerates, tech shows cautious optimism, and energy stocks get surprise catalysts.

Wednesday's trading session feels like the calm before the storm, and everyone knows which storm is coming. Nvidia Corp. (NVDA) reports third-quarter earnings after the close, and as the world's most valuable company, it has the power to either propel markets through year-end or send them spiraling into the holidays.

By midday in New York, the tech-heavy Nasdaq 100 was showing tentative signs of life after getting knocked around for two straight sessions. The index climbed modestly with Nvidia itself up nearly 2%, apparently buoyed by optimism that the AI darling will deliver another blockbuster report. Semiconductors as a sector led the recovery with a 1.3% advance, which makes sense when you consider how much is riding on the chip industry right now.

The S&P 500 posted marginal gains, inching higher alongside tech. The Dow Jones Industrial Average, meanwhile, slipped 0.2%, continuing its stubborn resistance to join the party.

There's another piece of the puzzle dropping today: the minutes from the Federal Reserve's October meeting. Traders are eager to parse through the Fed's thinking as they head into December's policy decision. Right now, market odds are essentially a coin flip between another rate cut and holding steady, so any hints from those minutes could swing sentiment one way or another.

Energy Stocks Get Unexpected Catalysts

While everyone obsesses over Nvidia, some interesting action played out in the energy sector. GE Vernova Inc. (GEV) surged nearly 6% after announcing its first international onshore wind repower upgrade contract. The deal with Taiwan Power Company involves supplying 25 upgrade kits to boost turbine performance in Taiwan. It's the kind of international expansion that investors love to see, especially as renewable energy infrastructure continues its global buildout.

Even more dramatic was Constellation Energy Inc. (CEG), which also rallied 6% following news of a $1 billion loan guarantee from the U.S. Department of Energy. The money will help restart the Three Mile Island Unit-1 nuclear reactor, now diplomatically rebranded as the Crane Clean Energy Center, with a target restart date of 2028. Yes, that Three Mile Island. Nuclear power is having quite the renaissance as data centers and AI infrastructure demand clean baseload power.

Utility Deal Rejection Sends Stock Plummeting

Not everyone had a good Wednesday. Eversource Energy (ES) absolutely cratered, plunging 9% in what marked its worst single-day loss since March 2020. The culprit? Connecticut regulators rejected the utility's proposal to sell its Aquarion Water Company subsidiary. When your growth strategy involves selling off assets and regulators say no, investors tend to head for the exits.

Crypto's Nightmare Continues

If you thought crypto was having a bad week, Wednesday made it worse. The selling pressure that's been building in digital assets turned into a full-blown rout. Bitcoin (BTC) dove more than 3% to slip below $90,000, hitting a fresh seven-month low. This isn't just a correction anymore; it's starting to look like a proper meltdown.

The carnage spread across the crypto ecosystem. Coinbase Global Inc. (COIN) fell 4.2% to $251, its lowest level since mid-June. Strategy Inc. (MSTR), formerly known as MicroStrategy and basically a leveraged Bitcoin play at this point, got hammered even harder, plummeting over 9% to touch a 13-month low.

Ethereum (ETH) dropped more than 6% to $2,930, its weakest showing since early July. Solana (SOL) wasn't spared either, falling 5.5%. The numbers are staggering when you zoom out: the total crypto market cap has contracted from $4.27 trillion at October's peak to $3.02 trillion now. Bitcoin alone has shed over $700 billion in value. That's real money evaporating, even if it's digital money.

Commodities: Oil Drops, Gold Holds Steady

Over in commodities, crude oil slid more than 2% to $59 per barrel after commercial inventories came in higher than expected. More supply tends to do that to prices.

Gold held firm at $4,060 per ounce, maintaining its safe-haven appeal. Silver declined 0.4% to $50.50. Both precious metals faced some pressure from a strengthening dollar, which makes sense given the inverse relationship they typically share.

Wednesday's Market Snapshot

By 12:15 p.m. ET, here's how the major indices stood:

  • Nasdaq 100: 24,562.37, up 0.3%
  • S&P 500: 6,627.55, up 0.2%
  • Dow Jones: 46,022.55, down 0.2%
  • Russell 2000: 2,344.70, down 0.2%

The major ETFs reflected similar patterns. The Vanguard S&P 500 ETF edged 0.1% higher to $607.73. The SPDR Dow Jones Industrial Average fell 0.2% to $460.62. The Invesco QQQ Trust Series, which tracks the Nasdaq-100, inched 0.2% up to $597.66. The iShares Russell 2000 ETF held steady at $233.41.

Sector performance told an interesting story. The Technology Select Sector SPDR Fund outperformed with a 0.3% gain, while the Energy Select Sector SPDR Fund lagged badly, down 1.5%, likely pressured by falling oil prices.

Wednesday's Biggest Winners

Among Russell 1000 components, MP Materials Corp led the gainers with a 9.16% surge. BellRing Brands Inc. jumped 7.59%, while Amentum Holdings Inc. gained 7.28%. Unity Software Inc climbed 6.04%, and Amer Sports Inc rounded out the top five with a 5.58% advance.

Wednesday's Biggest Losers

On the flip side, Circle Internet Group Inc topped the losers list, down 10.02%. Strategy Inc. fell 9.68%, while Eversource Energy dropped 9.64%. Sarepta Therapeutics Inc declined 8.28%, and AECOM fell 7.89%.

All eyes now turn to Nvidia's earnings report. The company has become something of a bellwether for the AI trade and tech sector broadly. A strong report could validate the premium valuations tech stocks have been commanding. A disappointment could trigger the kind of selling that makes today's modest losses look quaint. Either way, volatility seems guaranteed for Thursday's session.