Dow Rises 0.3% as Nasdaq Drops 0.8% Ahead of Nvidia Earnings, Warsh Speech
Updated
Updated · Kiplinger's Personal Finance · Aug 24
Dow Rises 0.3% as Nasdaq Drops 0.8% Ahead of Nvidia Earnings, Warsh Speech
3 articles · Updated · Kiplinger's Personal Finance · Aug 24
Summary
The Dow closed up 0.3% at 53,417, while the S&P 500 fell 0.3% to 7,652 and the Nasdaq lost 0.8% to 25,980 as investors braced for Nvidia results and Fed Chair Kevin Warsh's Friday Jackson Hole keynote.
Nvidia slid 2.9% before its Wednesday report, helping drag the semiconductor trade lower; the SOXX ETF fell 2.7%, Micron dropped 5.8% and AMD lost 3.5% as traders tempered AI optimism.
Treasury yields stayed elevated, with the 2-year at 4.240%, while investors also weighed U.S. sanctions pressure on Iran, oil risks and this week's inflation data for clues on long-term rate policy.
Marvell reports Thursday after a 179.3% year-to-date surge, with Wall Street expecting 39% earnings growth, while Expedia jumped 5.4% after Evercore raised its price target to $430.