Tech Slump Drags Stocks Lower Ahead of Key Nvidia Earnings
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US stocks closed lower on Tuesday, led by tech stocks, as investors looked ahead to Nvidia earnings on Wednesday. The Nasdaq fell nearly 1%.
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Retail earnings from Walmart and Home Depot provided a mixed picture. Walmart jumped on an upbeat sales outlook while Home Depot dropped as demand falters.
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Nvidia's earnings are seen as a potential turning point given the stock's huge weighting in major indexes. Any disappointment could spark a broader market pullback.
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Multiple Wall Street strategists boosted their S&P 500 targets for 2024, citing stronger economic trends and corporate earnings potential.
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Capital One announced plans to acquire Discover Financial in a $35 billion deal that may pressure payments giants Visa, Mastercard and Amex.