Dow hits another record, S&P 500, Nasdaq waver, Nvidia drop shrugged off
Published On Aug 29, 2024, 4:09 PM
The Dow Jones Industrial Average reached a new all-time high, gaining over 200 points, amidst mixed performance in the broader market. The Nasdaq dropped slightly, and the S&P 500 ended flat as investors reacted to Nvidia's disappointing earnings report despite strong quarterly profit and revenue figures. Nvidia's stock fell by about 6%, stirring concerns about the peak of AI growth. In contrast, Salesforce and Best Buy reported positive earnings, with Salesforce's stock increasing significantly after a strong earnings beat, and Best Buy's shares rising 17% on better-than-expected results. Conversely, Dollar General saw its stock plummet more than 30% after lowering its full-year outlook due to weak sales driven by cash-strapped consumers. The US economy's Q2 growth exceeded expectations at 3%, and jobless claims fell, causing speculation about potential interest rate cuts by the Federal Reserve.