US Stock Outlook: Fed Minutes and Nvidia Earnings Tomorrow; Indices Slightly Up

Market Overview

On Wednesday morning, the market is awaiting the release of the Federal Reserve's monetary policy meeting minutes and Nvidia's earnings report. U.S. stock index futures are slightly up, with Dow futures rising 0.09%, Nasdaq futures up 0.37%, and S&P 500 futures increasing by 0.29%.

Pre-Market Movements

Tech Stocks

Most major tech stocks are up in pre-market trading, including:

• Google-A (GOOGL) up nearly 2%
• Nvidia (NVDA) up over 1%
• Tesla (TSLA) and Amazon (AMZN) each up nearly 1%

Chinese Stocks

Conversely, popular Chinese stocks are showing weakness:

• Qifu Technology (QFIN) down over 14%
• Baidu (BIDU) down over 2%
• Xpeng Motors (XPEV), Kingsoft Cloud (KC), and Li Auto (LI) down over 1%

Lithium Stocks

Lithium-related stocks are generally rising:

• Sigma Lithium (SGML) up over 20%
• Albemarle (ALB), Lithium Argentina AG (LAR), and SQM up over 3%
• Lithium Americas (LAC) up over 2%

Gold and Other Commodities

Spot gold has returned above $4,100, with gold stocks also strengthening:

• DRDGOLD (DRD) up over 6%
• Gold Fields (GFI) up nearly 4%
• Harmony Gold (HMY), AngloGold Ashanti (AU), Barrick Mining (B), and Newmont Mining (NEM) up over 2%

Nvidia Earnings Anticipation

Nvidia (NVDA) is set to release its earnings report at 5 AM Beijing time on November 19. The Q3 revenue is expected to reach $54.89 billion, a year-on-year increase of 56.46%, with an anticipated EPS of $1.196, up 53.29%. Analysts predict significant stock price fluctuations post-report, impacting Nvidia's $320 billion market cap.

Google Launches Gemini 3

Google-A (GOOGL) is up 1.51% in pre-market trading following the launch of its latest AI model, Gemini 3, which quickly topped the LMArena leaderboard. The model is now integrated into various Google products, showcasing the company's commitment to AI commercialization.

Nvidia and AMD to Supply Chips to Saudi Arabia

Reports indicate that the U.S. plans to approve the sale of advanced chips to Saudi Arabia, with Nvidia and AMD likely to supply the Middle East. This deal could involve tens of thousands of chips, opening new market opportunities for these semiconductor giants.

Lowe's Earnings Beat Expectations

Lowe's (LOW) shares are up over 5% in pre-market trading after reporting adjusted EPS of $3.06 for Q3, exceeding expectations of $3.00. Same-store sales grew by 0.4%, below the forecast of 1.02%.

Other Notable Earnings Reports

• Kingsoft Cloud (KC) reported Q3 revenue of 2.478 billion yuan, a 31.4% year-on-year increase.
• Bullish (BLSH) reported adjusted revenue of $76.5 million for Q3, up from $44.6 million year-on-year.

Market Sentiment and Future Outlook

Goldman Sachs President Waldron indicated that the market may be prepared for further declines, particularly focusing on Nvidia's upcoming earnings as a critical factor.

U.S. Treasury Holdings Decline

In September, foreign investors reduced their holdings of U.S. Treasury bonds, with China's holdings dropping to $700.5 billion, marking the fifth reduction this year.

Upcoming Economic Data

• 21:30: U.S. August Trade Balance
• 23:00: Fed Governor Mester speaks on bank regulation
• 03:00: Release of the Fed's monetary policy meeting minutes
• 05:00: Nvidia earnings report