Dow closes at record high, S&P 500, Nasdaq slide as tech lags
Published On Aug 26, 2024, 4:01 PM
The Dow Jones Industrial Average reached a record closing high of 41,240.52, while the S&P 500 and Nasdaq Composite indexes experienced declines. The market is currently focused on the upcoming earnings report from Nvidia, with expectations that disappointing results could negatively impact the AI investment trend that has significantly influenced stock performance this year. Additionally, there are speculations about potential interest rate cuts by the Federal Reserve, with investors anticipating the August jobs report and other economic indicators that could guide future rate policy.
Stock Forecasts
NVDA
Negative
Nvidia's upcoming earnings report is crucial for the broader tech sector, especially the AI market. If Nvidia does not meet expectations, it may negatively affect stock prices across the sector, including competitors like AMD and Intel. Market sentiment could turn bearish if the results signal trouble in AI demand or revenue growth.
XLE
Positive
Rising oil prices due to geopolitical tensions and production cutbacks could lead to increased profitability for energy companies. Investors might want to consider stocks or ETFs related to the energy sector as they could benefit from this price surge.
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