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Today’s Stock Market Updates: Live Coverage

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Traders on the floor of the New York Stock Exchange were abuzz with anticipation on the morning of August 23, 2024. S&P 500 futures were slightly lower as investors eagerly awaited chipmaker Nvidia’s quarterly earnings announcement scheduled for after the bell on Wednesday. The market was in a state of cautious optimism as traders kept a close eye on the latest developments.

In the pre-market trading session, futures tied to the broad market index slipped by 0.02%, while Nasdaq 100 futures dropped by 0.14%. Dow Jones Industrial Average futures were trading close to the flatline, indicating a mixed sentiment among investors. The market was poised for potential volatility depending on the outcome of Nvidia’s earnings report.

After-hours trading saw some notable movements in individual stocks. Nordstrom surged by 7% after the retailer posted better-than-expected adjusted earnings in the second quarter. Semiconductor developer Ambarella jumped nearly 20% on upbeat revenue guidance for the third quarter. However, PVH, the owner of Calvin Klein, slumped by more than 7% due to a disappointing outlook for the current quarter. These fluctuations highlighted the market’s sensitivity to company-specific news.

During Tuesday’s trading session, both the S&P 500 and the Nasdaq Composite added nearly 0.2%. Nvidia, a key player in the tech sector, posted a gain of approximately 1.5%, contributing to the positive performance of both indexes. The Dow Jones Industrial Average also inched up by 0.02%, achieving a second consecutive record close. The market was buoyed by Nvidia’s strong showing, but all eyes were on the upcoming earnings report to gauge the sustainability of the tech and AI trade.

Nvidia’s performance has been stellar in 2024, with the stock surging by 159%. Investors were eager to see if there was still room for growth and whether the company could maintain its momentum. Key focal points included the delivery schedule for Nvidia’s Blackwell chips and the demand for AI technology. Analysts and market experts were cautiously optimistic, noting that while there was already a lot of positivity priced into the market, Nvidia still had the potential to surprise on the upside.

Erin Browne, Pimco managing director and portfolio manager, highlighted the importance of Nvidia’s earnings report for the broader market. She pointed out that other AI stocks were trading below their all-time highs, indicating room for growth. Despite the high expectations, Browne believed that Nvidia could exceed market expectations and deliver strong results.

Looking ahead, investors were also anticipating earnings reports from companies like Bath & Body Works, Foot Locker, and Kohl’s in the morning, as well as Salesforce in the afternoon. These reports would provide further insights into the health of the retail and tech sectors, shaping market sentiment in the days to come. Overall, the market was poised for potential volatility as traders awaited key earnings announcements and economic data releases.

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