S&P 500 ends lower, weighed down by Nvidia dip

S&P 500 ends lower, weighed down by Nvidia dip

By Johann M Cherian and Noel Randewich

Mon August 26, 2024 4:13 PM

Tech retreated today being cautious ahead of Wednesday’s Nvidia quarterly forecast for which there is abundant skepticism that it will be to the market’s satisfaction. In fact, anything short of a stellar report is expected to crash the AI rally so today saw a big selloff in tech and Nvidia dropping 2.25%. The Dow benefited with a 65-point bump but only after a wild rollercoaster ride that began with a 250 point gain. Coming Friday is PCE, the Fed’s preferred inflation gauge. Today’s odds now stand at 70/30 for a ¼ pt vs ½ pt rate cut in September. Volume remains way below the 4-week average of 11.9 billion coming in at 9.5 billion. 

DJ: 41,175.08  +462.30      NAS: 17,877.79  +258.44      S&P: 5,634.61  +63.97         8/23

DJ: 41,240.52  +65.42        NAS: 17,725.77  -152.03       S&P: 5,616.84  -17.77          8/26

Mon 8-26-24 4:13 pm S&P 500 ends lower, weighed down by Nvidia dip | Reuters