Coffee With Greta: Extending NVDA’s Boost

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DJIA Futures: +54 (+0.1%)

SPX Futures: +8 (+0.2%)

NASDAQ Futures: +17 (+0.1%)

Good morning friends!

Futures are higher after the S&P 500 closed at a fresh record-high on Thursday.

Let’s get right to it!

S&P Hits New Record

The S&P 500 and Nasdaq both logged their best days since early 2023 on Thursday, fueled by Nvidia (NVDA)’s post-earnings rally. 

The S&P closed 2.1% higher, its best day since January 2023. 

The Nasdaq climbed 3%, its best session since February 2023. 

While the S&P closed at a new record-high, the Nasdaq is now within striking distance of its prior closing record of 16,057.44. 

It was a broad-based rally with 10 of the 11 sectors in the S&P positive on Thursday.

Block Rallies On Surprise Profit

Block (SQ) shares are rallying 17.3% ahead of the open after reporting a surprise profit in the fourth quarter. 

Here’s how the digital payments company’s results compared to analysts’ estimates: 

  • Adjusted EPS: $0.45, not comparable to estimates
  • Revenue: $5.77 billion vs $5.7 billion expected

Block’s $2.03 billion in gross profit was up 22% from a year ago. 

The company hiked its adjusted EBITDA forecast for the current quarter to at least $2.63 billion from $2.4 billion previously. 

Carvana Surges After First Annual Profit

Carvana (CVNA) shares are surging 26.7% in premarket trade after reporting its first ever annual profit and issuing strong guidance.

Here’s how the used car retailer’s Q4 results compared to analysts’ estimates: 

  • Loss per share: $1 vs $0.85 expected
  • Revenue: $2.424 billion vs $2.562 billion expected

For the full year, Carvana reported $450 million in net income vs the $1.59 billion loss in 2022. 

It was the company’s first-ever annual profit as it focused on streamlining operations. 

The company sold 76,090 units in Q4, down 13% year over year. 

Carvana forecast Q1 adjusted EBITDA “significantly above $100 million” vs $70.5 million expected. 

In Case You Missed It

  • Existing home sales rose more than expected in January. The National Association of Realtors reported existing sales jumped 3.1% last month to a seasonally adjusted annual rate of 4 million units vs 3.97 million expected. Sales were down 1.7% year over year. Inventory also increased with 1.01 million homes for sale at the end of January, up 3.1% compared to a year ago. That marked a three-month supply at the current sales pace. The median price of an existing home sold last month rose 5.1% year over year to $379,100, marking an all-time high for the month of January.

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