Stock market today: Tech leads losses as investors await Nvidia earnings
Published On Aug 28, 2024, 2:31 PM
Tech stocks saw a decline largely due to the anticipation surrounding Nvidia's earnings report, which was crucial for market confidence. Despite Nvidia beating earnings and revenue estimates, its shares fell by about 6% in after-hours trading. Other tech stocks also suffered losses, with notable declines in SuperMicro Computer's shares following its announcement of a delayed annual report. In the retail sector, Abercrombie & Fitch and Foot Locker experienced double-digit declines, driven by concerns about a challenging retail environment. Meanwhile, Salesforce's shares rose over 2% after it exceeded expectations for earnings and revenue. The overall market, including the Dow Jones and S&P 500, decreased as investors reacted to these developments and upcoming economic indicators.