Nvidia Earnings Day

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Wednesday, Feb. 26. Nvidia (NVDA 0.00%↑) earnings day!

State of Play

Stocks dropped again yesterday. The fourth day in a row that has happened. The Nasdaq saw the worst of it again, dropping 1.4%. As we eye our board of indicators for signs of direction at 0645, risk appetite appears to be recovering:

• Stock index futures are moving higher, led by tech. The Nasdaq is up 0.8%. S&P 500 futures are 0.5% to the good;

• A major copper rally to report from commodities land. Copper is up 3.5%, apparently due to tariff concerns. WTI crude oil is unchanged at $70/barrel;

• Cryptos are flat after yesterday’s sell-off. Bitcoin is changing hands around $88,800;

• Bonds aren’t doing much either. The 10-year yields 4.31%.

Today’s Known Events

Nvidia earnings are the main event, but those aren’t until after the close.

Just reporting were:

• Lowe’s (LOW 0.00%↑), which beat top- and bottom-line estimates and that stock is moving higher in the pre-market, by ~2% at the time of this writing;

• ACM Research (ACMR 0.00%↑), like Nvidia a semiconductor manufacturer, appears to have impressed investors as that stock is up by about 13% in the pre-market;

• Advanced Auto Parts (AAP 0.00%↑) beat estimates but is dropping, down 4% at the time of this writing.

Other companies reporting before the open at 0930 include:

• Anheuser-Busch InBev (BUD 0.00%↑);

• TJX (TJX 0.00%↑), another retailer;

• Photronics (PLAB 0.00%↑), one of our ‘undiscovered’ AI chip names.

After the close at 1600 it’s not just Nvidia, though that is certainly the main event. Other companies to report include:

• Snowflake (SNOW 0.00%↑)

• Salesforce (CRM 0.00%↑)

• C3.ai (AI 0.00%↑)

• Teladoc (TDOC 0.00%↑), like Photronics a portfolio company

Nvidia earnings this afternoon could hold the answer to a lot of things…