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Hello. I'm Joe Wallace, here to get you up and running before the market opens.

Another record quarter for Nvidia wasn't quite enough to satisfy investors. The chip maker's stock fell ahead of the opening bell after it failed to meet some investors' sky-high expectations. U.S. index futures declined.

Enthusiasm for bitcoin shows no signs of abating. The cryptocurrency hit a new intraday peak above $98,000 early Thursday. (One crypto entrepreneur yesterday splashed $6 million on a banana duct-taped to a wall.)

Stock indexes were mixed on Wednesday . Follow our live coverage for the latest news affecting markets.

In today's newsletter feature, markets reporter Jack Pitcher lays out why the Trump trade has paused.

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Stocks to Watch

Nvidia: The chip maker reported surges in quarterly profit and revenue, but failed to meet some investors' lofty expectations. Shares fell more than 3% in premarket trading.

MicroStrategy: The cryptocurrency-buying software company's stock closed at a record Wednesday, after it said it had sold $2.6 billion of convertible bonds to purchase more bitcoin. The shares jumped premarket as bitcoin hit new highs.

Adani Enterprises: Gautam Adani, the billionaire founder of Indian conglomerate the Adani Group, was charged by the Justice Department with orchestrating a massive bribery scheme . Shares in the group's flagship firm, Adani Enterprises, plummeted more than 20% in Mumbai.

Snowflake: The data-cloud company reported revenue above analysts' expectations. Its forecasts also exceeded estimates, though losses grew. Snowflake's shares leapt 25% ahead of the opening bell.

Alphabet: The Justice Department said Google should have to sell its popular Chrome browser as part of a court-ordered fix to its monopolization of the online search market. Shares in Alphabet, Google's parent company, slipped premarket.

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The Trump Stock Euphoria Starts to Fade

By Jack Pitcher

Can the postelection market rally continue? Some on Wall Street are skeptical.

Investors cheered the unexpected Republican sweep of the presidency and both houses of Congress, salivating over the potential for new pro-business policies. Stock indexes set records, and stock funds posted historically high inflows.

That rally has faded as President-elect Donald Trump fills out his cabinet and analysts grasp for policy details. Perhaps the most crucial question for markets: How serious is Trump about tariffs, which are widely regarded as inflationary and could reach their highest level since the 1930s if delivered as promised?

"We think the inflation battle was almost won coming into the election," said Kevin Khang, head of global economic research at Vanguard. "But a potential tariff, depending on what the policy actually looks like, could have a big impact."

Keep reading . Charting the Markets

Matching Walmart's value and convenience won't be easy for competing retailers. The company has invested heavily to make its delivery and pickup operations more efficient all while revamping stores, writes Jinjoo Lee for Heard on the Street .

Qualcomm sees a bright future for itself away from smartphones. But getting there is going to take time --a lot more time than some investors have on their horizons.

Natural-gas futures rose 6.5% Wednesday to end at their highest price in a year, a sign that traders are gearing up for the unusually warm autumn weather to give way to cold in the coming weeks.

Must Reads

Archegos Capital Management founder Bill Hwang was sentenced to 18 years in prison. The investor was found guilty of manipulating stock prices and defrauding banks as part of a scheme that led to the biggest single-firm meltdown since the financial crisis.

Nvidia projected around $37.5 billion of revenue for its current quarter. The forecast-beating projections suggest its next-generation AI chips, known as Blackwell, are in high demand from customers like Microsoft, Google, Meta and Elon Musk's xAI.

Indian billionaire Gautam Adani was charged in a $250 million bribery scheme. The Justice Department alleged he and other executives paid off Indian government officials to secure contracts .

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The Lender Bailing Out Desperate Luxury Property Owners-for a Price Too Little, Too Late: Pro-Harris PAC Takes Flak for Spending Decisions An Immigration Crackdown Risks Sapping Farms' Vital Source of Labor This Day in Markets On this day in 1985, the S&P 500 closed above 200 for the first time. It had taken the index more than 17 years to double. Beyond the Newsroom

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About Us

We want to be the first place you go to get ready for the opening bell every day. This newsletter was written by Joe Wallace ( [joe.wallace@wsj.com]) in London.

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

November 21, 2024 06:53 ET (11:53 GMT)

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