**Daily Market Update: NVDA, GEV**

The market is stuck in neutral, with major indices trading in a remarkably narrow range. As of the close on October 7, the S&P 500 has oscillated within a 13.6-point band for four out of the past five days, equivalent to a mere 0.2% fluctuation. Similarly, the Nasdaq and Nasdaq 100 have been confined to ranges of 14.76 points and 0.83 points, respectively, translating to 0.08% and 0.2% movements.

This lack of direction is precarious, as the Nasdaq and Nasdaq 100 have repeatedly tested their 21-day exponential moving average, leaving them vulnerable to a potential breakdown. Meanwhile, the S&P 500 has flirted with its average on multiple intraday occasions.

The onset of third-quarter earnings season is expected to inject some much-needed volatility into the market over the next three weeks. However, investors should be aware that companies are prohibited from repurchasing their shares during blackout periods surrounding earnings reports. This temporary absence of demand can lead to market weakness, particularly during specific periods of the year.

Historically, these blackout periods have coincided with periods of reduced market activity, such as April-May, July-August, October-November, and January-February. Notably, first-quarter 2024 saw $237 billion in share buybacks on the S&P 500, with a total of $817 billion in buybacks over the 12 months ending March 2024. As earnings season unfolds, investors will be closely watching the performance of key stocks, including C, AMD, GOOG, HUM, NVDA, AVGO, ESYJY, EJTTF, HBI, ZTNO, INTC, ADBE, AMD, RGEN, AMZN, MRVL, and META.

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