Nasdaq-100 futures soared Thursday as Wall Street reacted to Nvidia’s robust quarterly forecast. Nvidia, a key player in the AI sector, projected stellar earnings, bolstering investor confidence.
Nvidia’s Impact on Nasdaq-100
As of midday Wednesday, the Nasdaq-100 was on track to close higher for the third consecutive day, potentially setting a new record. Nvidia’s earnings report, expected after the market close, is the focal point, with analysts forecasting $5.18 in EPS on $22.9 billion in revenue. Investors are particularly interested in CEO Jensen Huang’s outlook and updates on Nvidia’s Blackwell GPUs, set for release later this year.
Anticipated Market Volatility
Traders anticipate significant volatility post-earnings, with options markets suggesting an 8% move for Nvidia. Such a shift could impact the broader “AI Revolution” trade, which has increasingly dominated the stock market. According to Goldman Sachs, 41% of S&P 500 companies referenced AI in recent earnings calls, up from 23% last year.
High-Performing Growth Stocks
Three stocks poised to outperform the Nasdaq-100 are Alphabet, Deere & Company, and AeroVironment.
Alphabet’s Growth Prospects
Alphabet’s dominant position in search and online advertising, bolstered by Google Cloud’s growth, supports its strong investment case. Despite potential antitrust risks, Alphabet’s cost-cutting measures and revenue growth position it well for continued outperformance.
Deere’s Technological Advancements
Deere’s focus on automation and AI in agriculture positions it for significant growth. Despite a forecasted return to 2022 net income levels, Deere’s investments in technology and sustainable farming practices suggest a promising future.
AeroVironment’s Strong Performance
AeroVironment has seen a 52.9% stock increase in 2024, far outpacing the Nasdaq-100. With record revenue and earnings growth, the drone manufacturer is well-positioned for continued success, driven by strong demand for its military drones.
Conclusion
The Nasdaq-100’s performance hinges on key players like Nvidia and broader market trends in AI and technology. As J&J navigates legal challenges and companies like Alphabet, Deere, and AeroVironment continue to innovate, the Nasdaq-100 remains a dynamic and promising investment landscape.
Nasdaq 100 Long (Buy)
Enter At: 18767.38
T.P_1: 19135.51
T.P_2: 19630.43
T.P_3: 20053.00
T.P_4: 20421.36
T.P_5: 20736.50
T.P_6: 21022.98
T.P_7: 21401.76
S.L: 16730.56
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