Stock market today: US futures edge up as rate-cut hopes shift, with Nvidia on horizon

Published On Aug 26, 2024, 7:19 AM

The Dow Jones Industrial Average reached a record close, while the S&P 500 and Nasdaq fell as investors await Nvidia's earnings report amid expectations of interest rate cuts from the Federal Reserve. Despite the Dow's positive performance, tech stocks like Nvidia and Tesla saw declines, raising concerns about the sustainability of the tech sector rally. Oil prices surged due to geopolitical tensions and production issues in Libya, further driving market dynamics. Investors are particularly focused on how Nvidia's results could impact the AI market and overall market sentiment in the coming weeks.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

Nvidia's upcoming earnings report is critical; if it falls short of expectations, it could negatively affect the tech sector and the broader market. Tech stocks have been under pressure, and downgrades could follow if the earnings disappoint.

XLEView XLE chart on TradingView

Positive

Given the ongoing geopolitical tensions and resultant oil price increases, oil and energy stocks could see a positive trend as investors turn to safer assets amid uncertainty.

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