Nvidia Climbing Alongside Intel, Market Green and Barely Moving | Moovin Stonks

Kevin Travers joined discussion · Aug 30 09:46

Nvidia Climbing Alongside Intel, Market Green and Barely Moving | Moovin Stonks

Good morning, traders. Happy Friday! The market is on the rise on low holiday weekend volume. $NVIDIA (NVDA.US)$ is climbing again after a 6% drop on Thursday.

My name is Kevin Travers; here are stories moving on the U.S. stock market today.

$Intel (INTC.US)$ climbed 7% Friday after a Bloomberg report the firm is considering finance options with investment bankers $Morgan Stanley (MS.US)$ and Goldman Sachs Group $Goldman Sachs (GS.US)$, including M&A, a split of its product-design and manufacturing businesses, and scrapping some of its factory projects, which are expected to be presented during a board meeting in September.

$Super Micro Computer (SMCI.US)$ fell a further 4% Friday, the lowest on the S&P 500. The firm was hit with a short report this week, and then announced it would delay its yearly report numbers.

$MongoDB (MDB.US)$ climbed 14%, the highest on the Nasdaq 100, after the firm's Thursday earnings report showed an EPS of 70C, beating estimates of 49C, on revenue of $478.1 million., and offered a higher guidance than expected.

Within industries tracked by moomoo, semiconductors are back up and five out of eleven S&P 500 sectors were in the red.

$Crude Oil Futures(DEC4) (CLmain.US)$ reversed their climb to sit at $73/barrel.

$Bitcoin (BTC.CC)$ fell below $59k, Gold pulled back. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.

The market climbed Friday at very low trading volume, with indexes within 1% of record highs. The highest stock ranked by options volume was $NVIDIA (NVDA.US)$, with just 38k contracts trading, compared to Nvidia on Wednesday with closer to 2 million contracts.

Just past 10:40 am ET the $S&P 500 Index (.SPX.US)$ traded up 0.65%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.19%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.95%.

Friday, Core Personal Consumption Expenditure inflation numbers came out lower than forecast, at 2.6% year over year. Regular PCE, including energy, came in at 2.5%, also lower than expected and right in line with the previous month's numbers. Month over month, the PCE grew at 0.2% again. The figure maintained last month's record for the lowest PCE in three years.

Michigan consumer expectations and confidence numbers also dropped Friday, revised slightly upwards to a reading of 67.9 for August from 67.8 in the preliminary estimate. It came in above the final reading of 66.4 in July.

Thursday, US gross domestic product, was revised up to a 3% increase for Q2 from a 2.8% gain in the previous estimate, above expectations. GDP rose by 1.4% in Q1.

Initial jobless claims fell by 2,000 to 231,000 in the week ended August 24, the Labor Department said Thursday, right at estimates and just below the revised 233,000 from last week.

Last week, Fed President Jerome Powell did not specify the timeline for these rate cuts. Still, he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said. Investors are watching for macroeconomic data that might inform when and how strong rate cuts will come.

Interested in Options? To see these stocks and more on the options page, click here. Want to learn more about options, check out moomoo education with this link. Click here to join our exclusive options chat with personal callouts from our resident expert, Invest with Sarge.

Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!

Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more