Stocks close lower, Nasdaq hits 2-week low, Nvidia falls 7% after earnings report

From Nasdaq: 2024-08-28 19:07:41

The S&P 500, Dow Jones, and Nasdaq 100 closed lower on Wednesday, with the Nasdaq 100 hitting a 2-week low. Nvidia reported earnings exceeding expectations after hours, but stock fell 7%. Super Micro Computer, Foot Locker, and J M Smucker stocks declined while Box Inc. and Nordstrom stocks rose.

US MBA mortgage applications rose by 0.5% last week, with a 16-month low of 6.44% for a 30-year fixed mortgage rate. Expectations for a -25 bp rate cut for the September FOMC meeting are at 100%, and 36% for a -50 bp cut. Overseas stock markets were mixed.

Interest rates saw the Eurozone’s July M3 money supply increase by 2.3% year-over-year. Swaps are pricing a 100% chance of a -25 bp rate cut by the ECB in their September meeting. US Stock Movers included losses for ARM Holdings Plc, Micron Technology, Advance Micro Devices, and more. Insulet and Bio-Rad Laboratories stocks showed gains.

Various companies like Autodesk, Best Buy, Campbell Soup, and others reported earnings on August 29th. The views expressed in this summary are the author’s and do not necessarily reflect those of Nasdaq, Inc.



Read more at Nasdaq: Stocks Close Lower, Nvidia Trades Lower After Earnings Report