Nvidia Falling, But Market Climbs On Macro : Moovin Stonks
Good morning, traders. Happy Thursday, August 29. The market is in the green, climbing higher despite a drop of 3.22% in Nvidia stock. Investors are pricing in too-high expectations for semiconductor stocks, and though the Nasdaq is 1,000 points from a record, the S&P 500 is only 30 points from an all-time high.
My name is Kevin Travers; here are stories moving on the U.S. stock market today.
$NVIDIA (NVDA.US)$ earnings came in above estimates, but forward-looking guidance was not as perfect as could be Wednesday night. Bernstein Analyst Stacy Rasgon said investors expected higher projected revenue, and Nvidia's gross margin fell slightly to 75.1% from 78.4%. The firm expects a gross margin below estimates in the mid-70% range for the year. Nvidia was one of the lowest decliners on the Nasdaq 100 by % change.
Shares of Affirm Holdings, Inc. $Affirm Holdings (AFRM.US)$ shares jumped 30% Thursday after the firm reported a smaller loss than expected Wednesday of 14C a share vs. 51C a share, and upbeat first-quarter guidance.
Dollar General $Dollar General (DG.US)$ was the lowest decliner on the S&P500 after the firm lowered its full-year outlook Thursday amid softening sales trends, and missed Q2 earnings estimates.
Best Buy $Best Buy (BBY.US)$ was the highest gainer on the S&P 500, climbing 13% after the firm lifted its full-year earnings outlook on Thursday morning. Adjusted earnings are now set to be in a range of $6.10 to $6.35 per share for fiscal 2025.
Invesotrs are awaiting $Dell Technologies (DELL.US)$ and $Lululemon Athletica (LULU.US)$ earnings Thursday.
Within industries tracked by moomoo, Semiconductors were in the red, while Semi suppliers were climbing higher: it is a different market than Wednesday, where the direction of AI and Semis led the direction of tech, and the direction of the indexes.
$Crude Oil Futures(OCT4) (CLmain.US)$ climbed even further, past a volatile period of lows.
$Bitcoin (BTC.CC)$ hovered near $60k, Gold and silver were climbing, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed, but still below 4%.
The market was climbing Thursday despite Nvidia's earnings, 7k equities were advancing compared to 3k falling, according to moomoo.
Just past 11 am ET the $S&P 500 Index (.SPX.US)$ traded up 0.72%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.55%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.13%.
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.Friday, we will see the release of the July person Consumption Expenditure index (PCE), the Fed's favorite inflation measure. Last time, the PCE came in at 2.6% year over year, the lowest since 2021. Michigan consumer expectations and confidence will also drop on Friday.
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Yesterday, users were hoping for a beat out of $NVIDIA (NVDA.US)$. They got it, but the stock still fell.
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!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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