Dow Jones Falls After Surprise Jobless Claims; Nvidia Surges On Earnings
The Dow Jones Industrial Average fell after a surprise drop in initial jobless claims, while tech stocks, such as Nvidia, saw gains due to strong earnings results.
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Posted 8/24/2023, 1:43:00 PM
investors.com
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Stock indices finished the trading session mixed, with the Dow Jones Industrial Average (DJIA) falling while the Nasdaq 100 (NDX) and the S&P 500 (SPX) gained. Additionally, auto loan delinquencies are increasing as car prices become unsustainable, and gas prices are on the rise.
Shares of NVIDIA Corp. fell 2.77% as the stock market experienced a poor trading session, with the S&P 500 Index dropping 0.28% and the Dow Jones Industrial Average falling 0.51%.
Stocks fell on Thursday as strong earnings from Nvidia were overshadowed by comments from the Federal Reserve signaling that interest rates will remain elevated for a long time to combat inflation.
The stock market experienced a sharp decline as early gains turned into a selloff, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all falling; concerns over rising bond yields and inflation contributed to the sell-off.
Summary: The Dow Jones Industrial Average and other stock indexes experienced significant declines as market attention shifted to the upcoming speech by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium, while Nvidia's gains were nearly wiped out after strong earnings and Tesla CEO Elon Musk issued a warning regarding the Cybertruck, although Box, NOV, and Automatic Data Processing showed strength.
Marvell Technology's stock fell nearly 9% after reporting data-center sales that fell short of Nvidia's impressive results, despite beating earnings expectations and offering an in-line forecast.
The Dow Jones Industrial Average experienced volatility as Wall Street analyzed comments from Federal Reserve Chair Jerome Powell, causing gains in the stock market to fade initially before bouncing back.
Profits at China's industrial firms fell 6.7% in July, marking the seventh consecutive month of decline, as weak demand continues to hinder the country's post-pandemic recovery.
The Dow Jones Industrial Average rose 0.6% after weak economic data suggested a decline in the job market and consumer confidence, while the Nasdaq led with a 1.6% gain.
Stock futures fell slightly on Wednesday as investors try to mitigate August's losses and the market awaits labor statistics and earnings reports.
The Dow Jones Industrial Average made slight gains despite weaker than expected jobs data and a downward revision to Q2 GDP estimates, which increases the chances of a pause in interest rate hikes.
Despite a rise in Salesforce stock and the continued growth of marijuana stocks, the Dow Jones Industrial Average closed lower as investors awaited the release of the jobs report, while Tesla faced a probe into its CEO's reported plan to build a glass house.
Most Asian stocks fell on Tuesday due to concerns over slowing growth in China, a property sector meltdown, and hot inflation readings, which raised concerns over higher interest rates. Chinese stocks were the worst performers, with investors growing impatient with Beijing's slow approach to stimulus measures.
The Dow Jones Industrial Average fell, while AI stock Microsoft jumped, oil stocks rose as Saudi Arabia and Russia extended production cuts, and several Warren Buffett stocks are near entry points.
U.S. stocks slipped as worrying data out of China and a spike in oil prices following the extension of Saudi Arabian production cuts weighed on the market. The Dow Jones Industrial Average fell 0.6%, while the S&P 500 lost 0.4% and the Nasdaq dipped 0.1%.
Stocks fell in morning trading on Wall Street, with the S&P 500 down 0.7%, as big technology stocks and healthcare stocks experienced losses, while several companies made significant moves after reporting earnings and other updates.
The Dow Jones Industrial Average fell 0.6% as major indexes tested their 50-day lines, while the S&P 500 and Nasdaq both experienced declines midday.
C3.ai stock falls after the company withdraws its profit forecast, despite posting solid results for its latest quarter.
The Dow Jones Industrial Average dropped after a decrease in initial unemployment claims, while Apple stock declined due to China's order for officials to not use iPhones and other foreign-branded devices for work.
Dow Jones futures and other stock market futures dropped as the market headed for a losing week, with Cathie Wood's Ark Invest ETFs selling shares of Nvidia; key earnings movers include DocuSign, RH, Guidewire Software, and Kroger, with varying stock performance.
U.S stocks are recovering from losses, with the S&P 500 and Dow Jones Industrial Average both up 0.4%, as tech stocks lead the market higher and investors await key data on inflation this week.
The Dow Jones Industrial Average dropped due to disappointing earnings from Oracle, while attention will shift to key inflation data, including the Consumer Price Index and the Producer Price Index, later this week.
Dow Jones futures, along with S&P 500 futures and Nasdaq futures, were unchanged after hours as the stock market rally experienced losses, with the S&P 500 and Nasdaq dropping below the 50-day line, while energy stocks led and software retreated. Apple stock fell after unveiling the iPhone 15 and other products, while stocks such as Salesforce, Alphabet, General Electric, Shopify, and Nvidia remained in or near buy areas. The CPI inflation report and Adobe earnings are potential market catalysts.
The Dow Jones Industrial Average rose after the release of key inflation data and initial unemployment claims, while Cathie Wood's Ark Invest sold a significant number of Tesla shares.
Dow Jones futures and other market futures dropped due to key economic data, while Adobe stock sold off on mixed earnings.
Stocks fell on Friday, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all declining, but Wall Street is on track for a winning week.
Stock indices closed lower today, with the Nasdaq 100, S&P 500, and Dow Jones Industrial Average all experiencing declines, while the technology sector was the session's laggard and the real estate sector was the leader but still lost ground. Additionally, the U.S. 10-Year Treasury yield and Two-Year Treasury yield both increased.
The major indexes, including the Dow Jones, S&P 500, and Nasdaq, finished lower on Friday ahead of the Federal Reserve meeting next week, with tech stocks dragging the Nasdaq lower and the S&P 500 and Nasdaq both falling below their 50-day moving average.
India's benchmark stock indexes fell as investors reacted to economic developments in China and awaited policy decisions from major central banks, including the U.S. Federal Reserve. The Nifty 50 fell 0.09% and the Sensex lost 0.16%, potentially ending an 11-day winning streak.
Intel's stock drops as analysts express skepticism about the company's ability to compete with Nvidia in artificial intelligence.
The Dow Jones Industrial Average dropped 225 points as global markets responded to the Federal Reserve's shift in tone, while unemployment claims unexpectedly decreased and tech stocks like Nvidia and Tesla experienced sell-offs.