Stock market today: Dow leads US futures higher in aftermath of Nvidia earnings

Published On Aug 29, 2024, 7:28 AM

The Dow Jones Industrial Average reached a new record close on Thursday, boosted by positive economic data and mixed earnings reports. The US economy grew at an annualized rate of 3% in the second quarter, surpassing previous estimates. Nvidia's earnings report showed strong results but fell short of overly optimistic Wall Street expectations, causing its shares to drop about 6%. Other notable earnings included a significant jump in Best Buy's stock, which soared 17% after beating estimates, while Dollar General's shares plummeted over 30% due to a lowered outlook. Overall, the market seems cautious yet positive about ongoing economic growth, but investor sentiment appears shaken by Nvidia's performance and concerns regarding potential peaks in the AI sector.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Negative

Despite Nvidia's strong earnings, the stock's recent decline suggests that it may face continued pressure as investors reassess its growth potentials. The company's struggling growth rate could lead to further volatility.

BBYView BBY chart on TradingView

Positive

Best Buy's impressive earnings and the positive market reaction indicate a favorable outlook for the stock in the near term, driven by solid consumer demand for electronics.

DGView DG chart on TradingView

Negative

Dollar General is facing significant challenges with its lowered sales outlook and the economic impact on lower-income consumers, suggesting a difficult road ahead for the company.

COSTView COST chart on TradingView

Positive

With the overall market showing resilience and key economic indicators improving, large-cap retailers like Walmart and Costco may continue to perform well, capitalizing on their scale and market position.

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