LIVEtoday's market focus is NVIDIA's earnings report.
To appreciate the importance of this, a few numbers - NVIDIA's market capitalization is 2.35T, which is more than the GDP of countries like Italy and Spain. Revenue is projected to be 24.5 billion.
If Nvidia achieves these estimates, Q1 sales growth will be 243% YoY, given that last year Q1 sales totaled $7.2B. Historically, Nvidia stock has shown an average absolute move of +/-8.97% on days when Q1 earnings are announced. If that average holds, Nvidia's market capitalization could change by about +/- $200 billion on Thursday, which is more than the market capitalization of about 90% of the companies in the S&P 500.
It's worth mentioning that the stock is currently trading near its all-time highs, and is in consolidation. The continuation of the trend will determine the direction of the stock indices, as NVIDIA shares account for a huge share in their calculation. Well, the cryptocurrency market and bitcoin are highly correlated with the stock market. That's why I'm talking about it in such detail. If the stock market continues to rise, bitcoin is likely to follow and vice versa, if it slows down and corrects, it will probably correct as well. DYOR.
Stay tuned.
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