Stocks stall as market plays Nvidia waiting game

Published On Aug 28, 2024, 9:32 AM

The tech stocks declined on Wednesday, especially Nvidia, which reported earnings that exceeded expectations but saw its stock drop after hours by more than 5%. The Dow Jones Industrial Average closed down 0.4%, the S&P 500 down 0.6%, and the Nasdaq down over 1.1%. In addition, SuperMicro Computer experienced a significant drop of over 19% following a delay in its annual report due to accounting concerns raised by a short-seller. Retail stocks like Abercrombie & Fitch and Foot Locker also fell due to concerns about the uncertain retail environment.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

NVDA View NVDA chart on TradingView

Negative

Despite Nvidia's strong earnings report, the market may react negatively in the short term due to the sell-off after the earnings announcement. Nvidia's stock is likely to face downward pressure as investors reassess their positions following profit-taking after a substantial year-to-date increase.

SMCI View SMCI chart on TradingView

Negative

SuperMicro's significant drop reflects heightened concerns about its financial practices following the short-seller report. This situation is likely to lead to continued volatility or further declines as investors react to the company's ability to regain trust in its operations.

CRM View CRM chart on TradingView

Positive

Salesforce's earnings surprise and raised guidance may provide a positive momentum for its stock moving forward, especially given its upward revision of full-year earnings estimates, which could lead to increased investor confidence in the tech sector.

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