Wall Street Prepares for Slightly Lower Open; Focus on Nvidia and Salesforce Earnings Tonight

Wall Street appears set for a slightly lower open following a record close for the Dow and a near-record close for the S&P 500. The Nasdaq is still about 5% away from its all-time high. Investors are rotating into tech stocks as the Fed plans to cut interest rates in the coming month.

Nvidia's Earnings and Market Impact

Nvidia is expected to deliver earnings after Wednesday's close, with expectations of a $2 billion upside surprise and a $2 billion guidance hike. The market is also looking for reassurance regarding the next-generation Blackwell chip platform. Additionally, Salesforce is set to report its quarterly results and investors are keen to see how the company is leveraging artificial intelligence to benefit its clients.

Wells Fargo Analysis and Other Company Updates

Wells Fargo has given Danaher an equal weight rating and a $280-per-share price target, citing more downside than upside. Meanwhile, Foot Locker reported a smaller-than-expected quarterly loss and better-than-expected revenue. Despite this, the stock was down more than 7% due to profit-taking. Nordstrom delivered an earnings beat but with cautious guidance, while PVH shares sank 8% due to weak guidance. SentinelOne reported in-line financial results, while Super Micro Computer faces negative allegations and is advised to be avoided by investors. Warren Buffett's continued selling of Bank of America shares raises questions about the stock's potential, despite its nearly 18% rise in 2024.