Tech stocks are taking the lead today, pushing markets higher as everyone is getting ready for Nvidia’s (NVDA) earnings after the close.
With the AI and GPU superstar set to report after the bell, traders are hoping for another blockbuster result to lift the markets.
But we can’t forget the headwinds — tariff threats and export controls are still looming, and so far this year, Nvidia has lagged the market, down about 2.7% YTD.
NVDA is up about 4.4% just ahead of lunch time on the East Coast.
At the same time, Wall Street is keeping a close watch on the president’s tax plan.
The House narrowly passed key tax and security measures, keeping the $4.5 trillion proposal alive. While deep tax cuts could be a boost for businesses, concerns are growing about how the broader economy will handle the uncertainty.
Procter & Gamble (PG) Moving Higher
Procter & Gamble (PG) has been on a solid run lately as the market rotates into more defensive names. With all the uncertainty in tech and growth stocks, investors are leaning into Consumer Staples (XLP), names that tend to hold up well when volatility kicks in.
PG has been a clear beneficiary of this shift, steadily climbing as traders look for stability. While it’s not the most exciting stock out there, in a market like this, boring can be beautiful — and profitable.
At the same time, our Newton Indicator is in bullish mode. After moving up but staying yellow, it just recently printed a green bar. This indicates it might be ready to make a further push upward.
Halliburton (HAL) Staying Bearish
On the other side of the ledger, Halliburton (HAL) still looks to be in a bad spot as far as momentum.
HAL has been struggling lately as energy stocks have taken a hit. With oil prices pulling back and market sentiment shifting away from cyclical plays, HAL has been under pressure. The stock has been stuck in a downtrend as traders move into more defensive sectors, leaving energy names on the sidelines.
While HAL has had strong runs in the past, right now, it’s fighting an uphill battle — and until the sector regains momentum, the stock could stay under pressure.
Additionally, after attempting to change its momentum on a switch to yellow, the Newton Indicator has just gone back to red. It looks ready to continue its downward trajectory.
So what’s next?
With big earnings, policy shifts and ongoing market rotations, this week is shaping up to be anything but dull.
We’ll be watching and ready!
Now don’t forget to tune into our Nvidia Earnings Roundtable at 2:30 p.m., and then join me for even more actionable tips and live trading at 10 a.m. ET on Thursday during “Opening Playbook”!
Graham Lindman
Graham Lindman Trading
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P.S. Nvidia Earnings Roundtable — LIVE at 2:30 PM ET!
We’ll be LIVE soon to show you exactly how you can prepare for Nvidia’s market-moving earnings report…
And how you can play it post-earnings!
