Bruised Stocks Face Week Full of Tests, From Nvidia to Powell
- S&P 500 typically rises in week after Fed symposium: BI data
- But options traders still adding puts to hedge against decline
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Equity traders reeling from the market’s worst stretch since February face some pivotal events in the days ahead, and a closely watched speech by Federal Reserve Chair Jerome Powell may not even be the biggest test of all.
Ahead of Powell’s address Friday at a Fed symposium in Wyoming, traders are going to look to a crucial earnings report Wednesday from Nvidia Corp. to set the tone. A blowout forecast for surging revenue in May from the chipmaker, now the fourth-largest component of the S&P 500 Index, helped ignite the artificial-intelligence rally that’s powered the benchmark’s roughly 14% advance this year.