Nvidia stock slumped 3% as investors waited for the chipmaker’s hotly anticipated earnings report.
Stocks closed mixed on Wednesday as investors grew anxious ahead of Nvidia’s highly-anticipated fourth-quarter earnings report. The S&P 500 and Dow closed in the green after earlier losses, while the Nasdaq finished lower on the day.
Nvidia shares continued to slump, declining another 3% on Wednesday after a 4% decline the prior day. The firm will deliver its earnings results after the closing bell. Wall Street analysts expect the firm to have pulled around $20 billion in revenue.
Even if Nvidia beats that target, it still might not be enough to meet investors’ astronomically high expectations for the stock. The company is among the best-performing names in the Nasdaq Composite, having soared over 200% over the past year.
« There aren’t enough superlatives to describe the run the stock has been on since its 2022 lows, » Freedom Capital Markets chief global strategist Jay Woods said in a statement on Wednesday, expressing his bullish outlook on the stock.
