Stock market slammed by Caterpillar miss and Nvidia forecast cut
U.S stock market tumbled caused by a major miss in Caterpillar (NYSE: CAT) earnings result. The company reported earnings miss of $1.78 vs. $2.18 expectation. Revenue comes out at $14.3 billion, in line with expectation. CAT Share prices down more than 9% currently.
Previously, the stock market jumped on Friday after President Trump and Congress reach a deal to reopen the government through the risk of another shutdown loom.
Earnings & Corporate results
Nvidia (NASDAQ: NVDA) dived more than 15% after the company reiterated their revenue outlook. The revenue outlook adjusted down to $2.2 billion vs. initial $2.7 billion expectation. NVDA will report earnings on 7th February after market close.
BIIB, GLW, HOG, LMT, MMM, PFE, VZ will report earnings tomorrow before market open.
The Fed in focus under a busy week
The market will turn their focus on The Fed two days meeting which started on Tuesday. Currently, forecast sees no rate-hike and reaction will weight on Jerome Powell testimony. Aside from the Fed, major companies such as Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), and Microsoft (NASDAQ: MSFT) will report earnings this week.
Job report on Friday and U.S-China trade talk development will become the major influence factor for the sentiments this week.
Gold up $4.00 (+0.31%) to $1,308.20, Crude oil down $1.79 (-3.33%) to $51.88. U.S dollar index down 0.09 (-0.09%) to 95.68
Asian stock market mixed. Nikkei down 124.56 points (-0.60%) to 20,649.00, Shanghai Composite down 4.75 points (-0.18%) to 2,596.98, Australia ASX up 39.90 points (+0.68) to 5,905.60.
European stock market mostly lower. DAX Germany down 0.63%, FTSE UK down 0.91%, and Euro STOXX 600 down 0.97%.