Nvidia Falling, But Market Climbs On Macro : Moovin Stonks
![Nvidia Falling, But Market Climbs On Macro : Moovin Stonks](https://ussnsimg.moomoo.com/sns_client_feed/73649557/20240823/1724422520077-e56ab9451d.png/big?area=100&is_public=true)
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.
![Nvidia Falling, But Market Climbs On Macro : Moovin Stonks](https://ussnsimg.moomoo.com/sns_client_feed/73649557/20240829/1724943812104-31f91e20b1.png/big?area=100&is_public=true)
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.
![Nvidia Falling, But Market Climbs On Macro : Moovin Stonks](https://ussnsimg.moomoo.com/sns_client_feed/73649557/20240829/1724943253127-17a96164a9.png/big?area=100&is_public=true)
$Bitcoin (BTC.CC)$ 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.
![Nvidia Falling, But Market Climbs On Macro : Moovin Stonks](https://ussnsimg.moomoo.com/sns_client_feed/73649557/20240829/1724943221311-bd8a021629.png/big?area=100&is_public=true)
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.
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.
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!
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
Comment
Sign in to post a comment
山芭佬 :![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)