Stock futures are little changed as Wall Street looks toward Nvidia earnings: Live updates
Published On Aug 27, 2024, 6:03 PM
On August 28, 2024, the stock market saw all three major indexes close lower, primarily due to investor caution ahead of Nvidia's anticipated earnings results. The Nasdaq dropped by 1.12%, the S&P 500 fell by 0.6%, and the Dow Jones lost 0.39%. Analysts noted light trading volumes in the days leading up to Labor Day, which could result in increased volatility following key earnings reports. Piper Sandler suggested that this light trading could create opportunities for growth in small to mid-cap (SMID) stocks, particularly in sectors like Industrials and Technology. Meanwhile, UBS indicated that Apple's sales could slow as consumers pause purchases ahead of the upcoming iPhone launch, and Citi remains optimistic about Micron Technology within the semiconductor industry. Overall, Super Micro Computer experienced a significant drop after delaying its annual financial filing, while Li Auto shares fell sharply due to reduced net income. Bitcoin is on track for its worst month since April, reflecting general investor hesitation across various sectors.