Posted 2/21/2024, 3:33:00 AM
Tech Stocks Retreat Ahead of Nvidia Earnings That Could Shape AI Sector
- The stock market rally retreated on Tuesday, led lower by AI and tech stocks including Nvidia ahead of its earnings report Wednesday night.
- Nvidia's results and guidance will have a major impact on AI stocks and the overall market. Investors have to decide whether to hold or take profits before the report.
- Palo Alto Networks and SolarEdge Technologies fell sharply late Tuesday after their earnings reports missed expectations and/or guidance was weak.
- The Nasdaq composite and S&P 500 declined Tuesday but closed above their 21-day moving averages. The Dow eked out a small loss.
- Leading growth stocks like ServiceNow and Manhattan Associates are pulling back toward key support levels, but the risks are high heading into the Nvidia report and overall market weakness.