| Friday, February 23

Here's Everything You Need To Know Today

With Nvidia proving the rally yesterday, we’re back to a moment of equilibrium as the market piles onto winners and oversells losers in equal measure.

Since the AI rally looks like it will sustain at least until Q2, we’re seeing the market behave a little more rationally around software earnings. Intuit followed a classic pattern where they reported well above Q4 expectations but cautioned that their 2024 outlook wasn’t as rosy. Instead of a complete collapse, Intuit is just experiencing a moderate single-digit pullback in response.

This is encouraging overall as it helps demonstrate calmer price action. The market ramped up with near-delusional intensity as we approached Nvidia’s earnings report on Wednesday night and—after yesterday’s quick celebratory rally—traders are finally calming down.

So, now we enter a period where the market will continue to nervously watch earnings and heap rewards on firms that outperform on efficiency and cash flow. Until Jerome Powell sets a firm timeline for rate cuts, we’ll simply see a lot of volatility around individual pieces of market news.

So, let’s check out the headlines that will have the most lasting impact and see what trends we can find:


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