CNBC Daily Open: Nvidia’s astounding earnings might not move markets

Nvidia's revenue tripled
Nvidia's fiscal third-quarter revenue grew 206% year on year to $18.12 billion, handily beating expectations, and net income rocketed from $680 million to $9.24 billion. Moreover, Nvidia expects revenue for the current quarter to increase to $20 billion, an implied 231% growth. But Nvidia finance chief Colette Kress warned exports restrictions will cause sales to China to "decline significantly."

No mention of cuts
Federal Reserve officials think monetary policy must "be kept sufficiently restrictive," and made no mention of rate cuts, according to minutes of the Fed meeting from Oct. 31 to Nov. 1. Fed officials also project economic growth in the fourth quarter to "slow markedly" from last quarter's 4.9% increase in gross domestic product.

Streak broken
U.S. stocks fell Tuesday, snapping major indexes' winning streaks, as investors digested the Fed minutes. The pan-European Stoxx 600 index slipped 0.09%. Auto stocks fell 1.6% despite new car registrations in the European Union rising 14.6% year on year in October, for its 15th consecutive month of growth, according to the European Automobile Manufacturers' Association.

Binance's CZ pleads guilty
Binance CEO Changpeng Zhao will step down from his role and plead guilty to criminal charges as part of a $4.3 billion settlement with the U.S. Department of Justice, according to court documents. Richard Teng, the company's former global head of regional markets, will be Binance's new CEO, said Zhao in a post on X, formerly known as Twitter.

Stocks are enjoying a strong November, and analysts are predicting a "Santa rally" could carry the market higher as the year draws to a close. The Bank of America is going one step further and thinks the S&P 500 could sustain its momentum until the end of 2024, hitting a peak of 5,000. It would be a "stock picker's paradise," the BAC strategist said.