Nvidia leads bounce back from post-CPI sell-off

Published On Sep 11, 2024, 4:07 PM

US stocks ended higher after an inflation report showed declining consumer prices. The S&P 500 rose over 1%, led by technological stocks, especially Nvidia, which soared by over 8%. While the overall inflation rate has dropped to a three-year low, core inflation rose more than expected, affecting expectations for the Federal Reserve's upcoming interest rate cut decisions. A 25 basis point cut is anticipated as the odds for a larger reduction have decreased sharply. Additionally, GameStop shares dropped almost 12% following disappointing earnings and plans for a stock issue.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

Nvidia's strong performance and forecasted growth potential in AI position it positively amidst a tech-led market rally.

GMEView GME chart on TradingView

Negative

GameStop's disappointing earnings and plans to issue new shares could lead to further declines in stock price as investor confidence wanes.

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