S&P 500 futures are little changed as traders gear up for big August jobs report

Published On Sep 5, 2024, 6:03 PM

The financial landscape is experiencing significant shifts, highlighted by rough weeks for technology stocks, particularly in the semiconductor sector, and potential changes in U.S. interest rates. Broadcom and Nvidia faced severe losses due to disappointing revenue forecasts and broader market declines in tech. On the positive side, Goldman Sachs reassured investors by maintaining a buy rating on Broadcom, arguing that its downturn is a temporary setback. Additionally, the U.S. job market is showing signs of cooling, prompting speculation about potential interest rate cuts from the Federal Reserve. Meanwhile, Goldman Sachs has predicted three rate cuts by the end of the year, which may influence market dynamics.

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Stock Forecasts

AVGOView AVGO chart on TradingView

Positive

The semiconductor sector is currently struggling, but investor sentiment may start to shift as signs of recovery are anticipated in the future. Goldman Sachs' reaffirmation of Broadcom as a 'buy' could suggest underlying strength in this segment, despite recent performance.

NVDAView NVDA chart on TradingView

Positive

Despite the recent downturn, Nvidia has shown substantial gains since the beginning of the year. With its recent sell-off being the worst since last September, investors should consider the potential for a rebound as demand for AI technologies recovers.

IEFAView IEFA chart on TradingView

Positive

Given the current circumstances, various international stocks are outperforming U.S. stocks. Investors might gain from reallocating funds towards European and Canadian equities as the U.S. market faces volatility.

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