US stocks gear up for more Fed-fueled gains

Published On Aug 26, 2024, 7:19 AM

The Dow Jones Industrial Average reached a record high despite declines in the S&P 500 and Nasdaq. This week is pivotal for investors, particularly as they await Nvidia's earnings report. Nvidia, an AI chip giant, has seen its stock rise significantly this year but fell about 2% ahead of its quarterly results. Investors are also anticipating potential interest rate cuts by the Federal Reserve, which may impact market sentiment, especially if Nvidia's results fail to meet expectations. The upcoming reports on inflation and GDP are also expected to influence interest rate outlooks, while rising oil prices are driven by geopolitical tensions in the Middle East and production issues in Libya.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

If Nvidia's earnings meet or exceed expectations, it could reinforce the positive sentiment in the tech sector and boost the AI trade, possibly leading other tech stocks to recover. Conversely, failure to meet expectations could initiate a sell-off in Nvidia and related companies, negatively impacting the broader market.

XLEView XLE chart on TradingView

Positive

Given the geopolitical tensions and supply disruptions, oil prices might remain elevated, suggesting that energy stocks could perform well in the short term.

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