Stock market today: Dow hits record, S&P 500, Nasdaq rise despite fall in Nvidia shares

Published On Aug 29, 2024, 12:02 PM

The Dow Jones Industrial Average reached an all-time high, gaining over 200 points, while the tech-heavy Nasdaq Composite and the S&P 500 experienced slight declines. Investors reacted to Nvidia's earnings report, which exceeded profit and revenue expectations but failed to satisfy high market hopes, resulting in a drop in Nvidia's stock price by around 6%. Other notable earnings included significant gains for Salesforce and Best Buy, while Dollar General saw a dramatic fall of 30% after cutting its outlook due to weaker consumer spending. The US economy showed stronger-than-expected growth, with GDP increasing by 3% in the second quarter and jobless claims lower than anticipated. The Federal Reserve is closely watched for potential interest rate cuts in September.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

Nvidia's recent earnings report, while beating estimates, raised concerns about growth moderation and investor disappointment due to high expectations. The stock has faced significant selling pressure following its report.

CRMView CRM chart on TradingView

Positive

Salesforce's positive earnings report and proactive AI integration position it well for future growth. The stock is expected to benefit from increased investor confidence after such a strong quarter.

BBYView BBY chart on TradingView

Positive

Best Buy's strong earnings report highlights its ability to navigate market challenges effectively. The stock is poised to gain investor support after demonstrating resilience and financial stability.

DGView DG chart on TradingView

Negative

Dollar General's sharp decline reflects broader economic challenges affecting discount retailers. Given its major outlook cut and concern over cash-strapped consumers, further weakness is likely.

XLEView XLE chart on TradingView

Positive

With energy prices rising, energy ETFs or related stocks are likely to benefit in the near term. Continued geopolitical tensions could support prices further, creating potential lift.

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