4 stocks to watch on Tuesday: NVIDIA, Home Depot and more
Justin Sullivan
Wall Street's stock index futures on Tuesday pointed to a lower open, though chip names continued to show strength. Market participants digested a stronger-than-expected retail sales print for July, along with data on manufacturing. Here are some stocks to watch on Tuesday: 

NVIDIA (NASDAQ:NVDA) stock was among the most actively traded ahead of the opening bell, rising nearly 2% and adding on to a 7.1% pop from the previous session. Morgan Stanley on Monday called the recent pullback in the chip giant's shares a "good entry point" for investors and said it expected a "meaningful" beat and raise quarter later this month. UBS on Tuesday reiterated its Buy rating on NVDA and recommended staying the course ahead of the report. Expectations are high following NVDA's massive runup and blowout Q1 results.
Shares of Home Depot (HD) were largely unchanged in pre-market trading, as traders digested the home improvement retailer's Q2 figures. The Dow 30 component beat estimates on earnings per share and revenue, while its comparable sales fell 2%, less than the anticipated 4.1% decline. HD top boss Ted Decker said that the company saw "continued pressure" in certain big-ticket, discretionary categories. Categories associated with smaller projects, meanwhile, showed strength. HD also decreased its inventory on a Y/Y basis.
U.S.-listed shares of Tencent Music Entertainment (TME) fell nearly 6% ahead of market open, after the music streaming services company - controlled by Chinese tech giant Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) - missed estimates on adjusted earnings per share and warned of an impact to total revenue for the year. "Starting from the latter part of the second quarter of 2023, we have proactively implemented several service enhancement and risk control measures to ensure a more music-centric live streaming atmosphere," TME executive chairman Cussion Pang said, adding that the measures were expected to put pressure on revenue from social entertainment services throughout H2 and thus adversely impact total annual revenue.
CAVA Group (CAVA) stock will be in focus, with the fast-casual Mediterranean restaurant chain set to report Q2 results after the closing bell. This will be its first quarterly earnings since its red-hot listing in June that was seen as an end to the recent drought in the initial public offering market. CAVA now has a higher market capitalization than Wingstop (WING), Wendy's (WEN), Shake Shack (SHAK) and Papa John's (PZZA). Wall Street expects CAVA to report a loss per share of 3 cents on revenue of $163.21M.

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