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.
