U.S. Stocks Tick Higher Ahead of Nvidia Earnings as Treasury Bonds Slip
U.S. Stocks Tick Higher Ahead of Nvidia Earnings as Treasury Bonds Slip
Also 30-year T-Bond, Silver, Natural Gas, and Euro Futures
- Nasdaq 100 E-mini futures
- 30-year T-Bond futures (/ZB): -0.47%
- Silver futures (/SI): -0.27%
- Natural Gas futures (/NG): +3.00%
- Euro futures (/6E): -0.24%
U.S. markets displayed a risk-on tilt Wednesday morning, with modest advances in equity prices coming alongside a pullback in precious metals prices. Yields moved higher as investors sold Treasuries and the dollar advanced. All eyes are on Nvidia (NVDA) earnings, which are scheduled for release after the closing bell today. The chip maker’s huge weight in the S&P 500 and its relevance to the enthusiasm around artificial intelligence makes it a potentially make-or-break report for markets. After Nvidia’s results cross the wires, markets will shift their attention to the second reading for U.S. GDP due out tomorrow morning.
| Symbol: Equities | Daily Change |
| /ESU5 | +0.15% |
| /NQU5 | +0.06% |
| /RTYU5 | +0.41% |
| /YMU5 | +0.20% |
MongoDB (MDB) surged over 30% after the data platform exceeded analysts’ estimates and guided above consensus. Kohl’s (KSS) jumped 20% following upbeat results that beat estimates. Canada Goose Holdings (GOOS) rose 14.6% after news circulated that a majority shareholder received offers to take the company private. Cracker Barrel Old Country Store (CBRL) rose 8% after the food chain said it would abandon its rebranding plans that have sparked backlash. Okta (OKTA) gained 3% after guiding higher than expected during its earnings report.
| Strategy: (65DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
| Iron Condor | Long 23000 p Short 23250 p Short 24250 c Long 24500 c | 25% | +3465 | -1535 |
| Short Strangle | Short 23250 p Short 24250 c | 50% | +18590 | x |
| Short Put Vertical | Long 23000 p Short 23250 p | 64% | +1275 | -3720 |
| Symbol: Bonds | Daily Change |
| /ZTZ5 | -0.01% |
| /ZFZ5 | -0.01% |
| /ZNZ5 | -0.04% |
| /ZBZ5 | -0.47% |
| /UBZ5 | -0.59% |
Long-term bond yields rose on Wednesday to extend gains from the prior two sessions. 30-year T-Bond futures (/ZBZ5) fell 0.47% in early U.S. trading. Investors remain concerned about President Trump’s attempt to fire Federal Reserve Governor Lisa Cook, which is highlighting concerns about Fed independence. The move, if successful, could give Trump more influence over monetary policy and potentially bolster long-term inflation expectations. The Treasury will auction 2-year floating rate notes (FRNs) and 5-year notes today.
| Strategy (58DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
| Iron Condor | Long 112 p Short 113 p Short 115 c Long 116 c | 26% | +703.13 | -296.88 |
| Short Strangle | Short 113 p Short 115 c | 53% | +2765.63 | x |
| Short Put Vertical | Long 112 p Short 113 p | 65% | +359.38 | -640.63 |
| Symbol: Metals | Daily Change |
| /GCZ5 | +0.17% |
| /SIZ5 | -0.27% |
| /HGU5 | -1.16% |
Silver prices (/SIZ5) continued lower Wednesday morning, dropping by about 0.27% in early trading. The metal trimmed deeper losses from overnight trading, with some buying pressure appearing as U.S. trading kicked off. So far, the metal is holding above its 9-day exponential moving average, leaving it in a somewhat resilient position for now. Dollar strength is working against precious metals, but the market’s reaction to Nvidia’s earnings after the bell will likely control broader risk sentiment in the market, which could influence silver prices.
| Strategy (62DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
| Iron Condor | Long 38 p Short 38.25 p Short 40.25 c Long 40.5 c | 22% | +955 | -295 |
| Short Strangle | Short 38.25 p Short 40.25 c | 56% | +11300 | x |
| Short Put Vertical | Long 38 p Short 38.25 p | 59% | +570 | -680 |
| Symbol: Energy | Daily Change |
| /CLV5 | +1.14% |
| /HOV5 | +0.59% |
| /NGV5 | +3.00% |
| /RBV5 | +0.59% |
Natural gas futures (/NGV5) rose over 3% Wednesday morning as the front-month September contract set to expire. The contract expiration usually brings the chance for heightened volatility, which is exactly what we’re seeing today. Prices have advanced nearly 5% from Monday’s low, which marked the lowest level traded since November. A cool August dragged prices lower over the past month and the weather forecast for September remains unsupported. That means this move is likely being driven by some profit taking from shorts. Prices are at the 9-day EMA this morning and will need to clear the moving average to sustain the recent gains.
| Strategy (62DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
| Iron Condor | Long 3.05 p Short 3.1 p Short 3.5 c Long 3.55 c | 23% | +370 | -140 |
| Short Strangle | Short 3.1 p Short 3.5 c | 56% | +4030 | x |
| Short Put Vertical | Long 3.05 p Short 3.1 p | 54% | +230 | -270 |
| Symbol: FX | Daily Change |
| /6AU5 | +0.06% |
| /6BU5 | -0.01% |
| /6CU5 | +0.12% |
| /6EU5 | -0.24% |
| /6JU5 | -0.23% |
Euro futures fell 0.26% Wednesday, although the currency trimmed deeper overnight losses that saw prices extend to the lowest levels traded since early August. France will hold a confidence vote on September 8 as lawmakers attempt to pass a budget bill that would reduce spending. French lawmakers are warning that the budget deficit is unsustainable. Meanwhile, the dollar advanced against the Yen to help bolster the dollar index. For now, the Euro’s technical position displays more downside than upside risk and is trading below its 9-day EMA.
| Strategy (37DTE, ATM) | Strikes | POP | Max Profit | Max Loss |
| Iron Condor | Long 1.155 p Short 1.16 p Short 1.17 c Long 1.18 c | 27% | +450 | -175 |
| Short Strangle | Short 1.16 p Short 1.17 c | 54% | +1987.50 | x |
| Short Put Vertical | Long 1.155 p Short 1.16 p | 70% | +212.50 | -412.50 |
Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater
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