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FOMC minutes not the main event for the Nasdaq 100 this evening

Ahead of the opening, the Nasdaq 100 futures have fallen further into the red now this morning. As noted here earlier, it was a negative close for the index last night, led lower by a more than 4% fall in the price of NVIDIA. At 7pm GMT this evening the US Federal Reserve will release the minutes from their last policy meeting. Now usually this might be the main event of the evening (and I will be around to report on that if there are any surprises). However, on this occasion and especially as far as the stock markets are concerned, it may not be. That particularly applies to the Nasdaq 100. That is because later, after the closing bell, at 9.20pm GMT, the most eagerly awaited Q4 results of the entire reason will be released by NVIDIA. So, NVIDIA is widely expected to show total Q4 revenue of $21.6 billion and an EPS of $4.95. Ahead of this we have already seen the market took profit on what has been a stellar rise for this stock in 2023 and so far in 2024. If those earnings beat the street tonight, then it might even extend further, but anything significantly below estimates and the falls seen yesterday might not be the extent of the correction by any means. I will be around at 9.20pm to see what emerges here. Meantime, the Nasdaq 100 futures are lower again, currently pricing a reopening at around 17,475 
 

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