Traders were active on the New York Stock Exchange floor during morning trading on Aug. 23, 2024. S&P 500 futures dipped slightly by 0.02%, and Nasdaq 100 futures fell by 0.14% as investors awaited Nvidia’s anticipated quarterly earnings release. Dow Jones Industrial Average futures remained nearly flat.
In after-hours trading, Nordstrom surged 7% after surpassing second-quarter earnings expectations, while semiconductor developer Ambarella soared nearly 20% on strong Q3 revenue guidance. In contrast, PVH, the parent company of Calvin Klein, saw its stock slump over 7% due to a disappointing quarterly outlook.
During Tuesday’s session, the S&P 500 and Nasdaq Composite each gained nearly 0.2%, bolstered by Nvidia’s 1.5% rise, which also lifted broader indexes. The Dow, comprising 30 stocks, posted a slim 0.02% gain, enough for a second consecutive record close.
Nvidia remains a focal point on Wall Street as analysts assess the continued viability of the tech and AI trade, with shares skyrocketing 159% in 2024. Investors are particularly interested in updates on Nvidia’s Blackwell chip delivery schedule and AI demand.
Erin Browne, managing director and portfolio manager at Pimco, mentioned on CNBC’s “Closing Bell” that despite substantial optimism priced into the market, Nvidia might still surprise to the upside. She pointed out that while other AI stocks are trading roughly 10% below their all-time highs, Nvidia’s valuation isn’t excessive compared to its five-year average.
Looking ahead, investors are also keenly awaiting the earnings reports from Bath & Body Works, Foot Locker, and Kohl’s on Wednesday morning, with Salesforce joining Nvidia in the afternoon with its results.
Original Story https://www.cnbc.com/2024/08/27/stock-market-today-live-updates.html
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