In the realm of Wall Street, two November dates were highlighted in bold: November 5 for the U.S. presidential election and November 20 for President Biden's birthday. Just kidding, the latter hasn't exactly set the investment world ablaze. But who can resist the allure of the name "Robinette"? Certainly not me, though why it fascinates me is a mystery you likely don't share.

The real November 20 event of interest is Nvidia's earnings release. According to Barclays, the buzz in the options market suggests this is the year's grand finale, surpassing even the Fed's mid-December meeting and the festive arrival of Santa Claus. Unless, of course, North Korean troops decide to march into Western Europe, in which case our portfolios might not be our primary concern.

On a more serious note, it's a tad disheartening to realize that much of the stock market's pulse hinges on the quarterly results of a single company. Yet, this isn't far from reality. Nvidia, with its staggering $3.6 trillion market cap—akin to the UK's GDP—can't do it all, but it can certainly stir the pot. It can reignite investor appetite for risk, pulling them out of the doldrums of recent trading sessions. Investors are enamored with tales of skyrocketing earnings, boundless optimism, and promises of tech revolutions. So much so that Nvidia's stock surged 5% yesterday, ahead of its earnings report. This indicates a buying frenzy in anticipation of good news. But we'll have to wait until after the market closes to see if the optimism was warranted. Nvidia's unique fiscal calendar, closing on January 31 instead of December 31, ensures its earnings announcements stand out, maximizing attention. Analysts are hopeful, yet secretly yearn for Nvidia to keep the dream of an infinite AI market alive, promising explosive growth and extraordinary profits. The upcoming earnings could either cement Nvidia's dominance or trigger a market reassessment. Investors are particularly keen on Nvidia's new Blackwell chip, hailed as the most powerful globally, despite whispers of overheating issues.

Investors are also eyeing key U.S. economic data, including initial jobless claims, the Philadelphia Fed Manufacturing Index, and annual existing home sales, all due on Thursday.

Now, let's revisit yesterday's market antics. Tuesday mirrored Monday on Wall Street. The Dow Jones dipped slightly, while the S&P 500 and Nasdaq 100 continued their tech-fueled rebound. This was despite a geopolitical jolt from Ukraine's first strikes inside Russian territory using American ballistic missiles. The symbolic weight of this attack, coupled with Russia's hardened nuclear stance, sent European indices reeling.

In other news, the G20 summit in Brazil is shaping up to be quite the spectacle. The West's influence is waning, while Asia, South America, and Africa's major economies are converging, bolstering this bloc's global clout. Despite its economic hiccups, China remains a key player in the global geopolitical shuffle.

In the Asia-Pacific region, most markets were down, except for South Korea, which rose 0.4%. Tokyo slipped 0.1%, Hong Kong edged up 0.2%, Australia fell 0.5%, and Taiwan dropped 0.8%. India was closed for a public holiday. American futures are mixed. Dow Jones Industrial Average futures rose 0.1%, while S&P 500 futures and Nasdaq futures were flat. European markets saw modest gains, with the Stoxx Europe 600 up 0.3%.

Today's economic highlights:

German producer prices and British inflation for October are on the calendar, along with the DOE reports crude oil inventories. See the full calendar here.

The dollar is worth EUR 0.9474 and GBP 0.7892. The ounce of gold rose to USD 2,634. Oil regained some ground, with North Sea Brent at USD 73.66 a barrel and US light crude WTI at USD 69.90. The yield on 10-year US debt is up to 4.44%. Bitcoin rose to USD 94,300.

In corporate news:

  • Quantum-Si shares surged by 112% following an expanded collaboration with SkyWater Technology.
  • Auburn National Bancorporation's stock rose by 11%, and Nauticus Robotics saw a 26% increase after announcing plans to integrate its software on a remotely operated vehicle.
  • Fabrinet's stock decreased by 6%.
  • Sage Group's shares soared by 18.99% after reporting a significant increase in annual net profit and announcing a share buyback program.
  • TJX Cos and Walmart have raised their annual profit forecasts, benefiting from strong consumer demand and strategic discounting, despite a broader retail environment facing the slowest holiday shopping growth in six years.
  • Pfizer's Hympavzi, a treatment for severe hemophilia A and B, has received marketing authorization from the European Commission, while the company also appointed Chris Boshoff as Chief Scientific Officer and President of Research & Development, effective January 1, 2024, and faced a setback as a federal judge denied their attempt to recover $75.2 million from an SEC insider trading settlement.
  • Alphabet Inc. Google is under scrutiny with new EU investigations and DOJ pressures to sell Chrome over monopoly concerns, while also investing in AI with KPMG and seeing its stock rise along with other tech companies.
  • Keysight Technologies reported better-than-expected fiscal Q4 earnings and revenue, surpassing estimates with a non-GAAP EPS of $1.65 and revenue of $1.29 billion, and provided a positive Q1 outlook with expected EPS between $1.65 and $1.71 on revenue of $1.265 to $1.285 billion.
  • Target Corporation's shares plummeted after reporting lower-than-expected Q3 earnings and revenue, leading to a decline in consumer stock indices, despite raising its FY2024 EPS guidance.
  • Comcast is planning a tax-free spinoff of its NBCUniversal cable networks, including MSNBC and CNBC, into a new publicly traded company, aiming to generate $7 billion in revenue.
  • Dolby Laboratories reported better-than-expected Q4 earnings, provided optimistic guidance for Q1 and fiscal 2025, and declared a dividend, despite a slight miss in Q4 revenue against Street estimates.
  • NIO's third-quarter financial results revealed a widened net loss due to lower revenue and intense price competition in China's EV market, despite a narrowed adjusted loss.
  • Ford Motor plans to cut 4,000 jobs, or 14% of its European workforce, primarily in Germany and the U.K., by the end of 2027 due to the shift towards electric vehicles and increasing competition.

Analyst recommendations:

  • Block, Inc.: BNP Paribas Exane downgrades to neutral from outperform with a price target reduced from USD 93 to USD 88. 
  • Dynatrace, Inc.: Baptista Research upgrades to outperform from hold with a price target raised from USD 54.50 to USD 62.40.
  • Gaming And Leisure Properties, Inc.: Deutsche Bank upgrades to buy from hold with a target price raised from USD 49 to USD 54.
  • Toast, Inc.: BNP Paribas Exane downgrades to neutral from outperform with a price target raised from USD 30 to USD 37.
  • Warner Bros. Discovery, Inc.: President Capital Management Corp upgrades to buy from neutral with a target price raised from USD 8.80 to USD 11.
  • Applovin Corporation: Wells Fargo maintains its overweight recommendation and raises the target price from USD 250 to USD 360.
  • Bellring Brands, Inc.: Stifel maintains its buy recommendation and raises the target price from USD 67 to USD 81. 
  • Crowdstrike Holdings, Inc.: Stifel maintains its buy recommendation and raises the target price from USD 300 to USD 375.
  • Fortinet, Inc.: Truist Securities maintains its buy recommendation and raises the target price from USD 85 to USD 105. 
  • Robinhood Markets, Inc.: Bernstein maintains its outperform recommendation and raises the target price from USD 30 to USD 51.
  • Samsara Inc.: Morgan Stanley maintains its market weight recommendation and raises the target price from 40 to USD 52.
  • Tesla, Inc.: Baptista Research upgrades to hold from underperform with a price target raised from USD 217.80 to USD 379.
  • Walmart Inc.: BNP Paribas Exane maintains its outperform recommendation and raises the target price from USD 82 to USD 101. 
  • Cvs Group Plc: Singer Capital Markets upgrades to buy from hold with a target price reduced from GBX 1705 to GBX 1250.
  • Hill & Smith Plc: Shore Capital downgrades to hold from buy.
  • Petershill Partners Plc: Deutsche Bank upgrades to hold from buy with a target price raised from GBX 245 to GBX 270.
  • Ssp Group Plc: JP Morgan downgrades to neutral from overweight with a target price reduced from GBP 2.80 to GBP 2.
  • United Utilities: Deutsche Bank upgrades to buy from hold with a target price raised from GBX 1130 to GBX 1200.