Wall Street is drifting as yields in the bond market steady
Wall Street drifts following Nvidia's blowout profit report and mixed reports on the U.S. economy, with the S&P 500 slightly higher and the Dow Jones and Nasdaq showing mixed results.
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Posted 8/24/2023, 2:59:07 PM
latimes.com
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Wall Street rises ahead of Nvidia's profit report, as investors anticipate whether the AI frenzy is justified and whether the chip maker can meet high expectations.
Nvidia's strong earnings report has implications for other chip and AI stocks, leading to a potential rally attempt in the market, while Dow Jones and S&P 500 futures are mostly flat.
Stocks, including Foot Locker, Peloton, AMC, Nvidia, Abercrombie, and Apellis, are experiencing significant movement as Wall Street anticipates Nvidia's earnings.
Tech stocks, led by Nvidia's blowout earnings report, saw mixed results in the stock market as the Nasdaq and S&P 500 rose while the Dow Jones slipped; investors eagerly await Fed Chair Jay Powell's speech at Jackson Hole.
Wall Street's major averages rebounded with growth in communication services and technology sectors, while Treasury yields sank as a recent bond sell-off eased; traders are now waiting for Nvidia's quarterly results to gauge the AI market, and investors are hopeful for potential interest rate policy clues from the upcoming Jackson Hole Symposium.
Wall Street ended a challenging August on a mixed note, with the Dow Jones down 0.5%, the S&P 500 losing 0.16%, and the Nasdaq gaining 0.11%, resulting in the worst monthly performance since earlier this year; however, signs of a soft landing for the US economy and lower jobless claims have sparked hopes that the Fed may ease off on interest rate hikes at its upcoming meeting.
Wall Street's main indexes fell in choppy trade due to rising Treasury yields and weak services activity in China, while gains in energy stocks limited losses; however, expectations of a pause in Fed monetary tightening boosted growth stocks.
Stocks are drifting on Wall Street, with the S&P 500 slightly higher but on track for its first losing week in three, as concerns over a too-warm economy and higher interest rates continue to weigh on the market.
Wall Street stocks traded mixed as investors awaited Wednesday's key inflation data, with the Nasdaq Composite retreating amid a tumble in Oracle shares, while the Dow Jones Industrial Average turned higher and tech stocks took center stage with Apple's iPhone 15 launch and anticipation for the blockbuster Arm IPO.
Wall Street finishes mixed after inflation report shows prices slightly higher than expected, with the S&P 500 up 0.1% and the Dow Jones down 0.2%.
Stocks on Wall Street ended mixed after an inflation report showed a slight increase, but economists believe underlying inflation trends still point towards continued moderation and the Federal Reserve is expected to keep interest rates steady at its upcoming meeting, while airlines struggled due to higher fuel costs and technology stocks benefited from the possibility of no further interest rate hikes.