Stock market today: S&P 500, Nasdaq slump as Nvidia struggles ahead of earnings

Published On Aug 26, 2024, 12:02 PM

The Dow Jones Industrial Average reached a record closing high, rising 0.1% to 41,240.52, while the S&P 500 and Nasdaq Composite fell by 0.3% and 0.8% respectively. Declines were driven by technology stocks, especially Nvidia, which dropped 2% ahead of its earnings report this week. Investors are closely watching for signals from the Fed regarding interest rate cuts, expected to be as much as 1% by the end of 2024. Key economic indicators, including the PCE index and second quarter GDP, are also on the horizon. Oil prices surged around 3% due to geopolitical tensions and production shutdowns in Libya.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

The upcoming Nvidia earnings report will likely have a significant impact on both its stock and the broader market sentiment, especially regarding the AI sector, which has been a strong market mover. A failure to meet high expectations could negatively impact investor sentiment and lead to wider declines in tech stocks. Conversely, strong results could bolster confidence in the tech sector.

XLEView XLE chart on TradingView

Positive

With increasing geopolitical tensions and disruptions in oil production, oil prices have jumped sharply. This could lead to stronger performance in energy stocks as supply concerns heighten.

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