Stocks closed lower, Nvidia traded lower after strong earnings, chip stocks led market down.

From Nasdaq: 2024-08-28 21:39:44

Stocks closed lower on Wednesday, with the S&P 500 down -0.60%, the Dow Jones down -0.39%, and the Nasdaq 100 down -1.18%. Nvidia reported strong earnings that beat expectations but saw a 7% decline in after-hours trading. Super Micro Computer, Foot Locker, and J M Smucker all closed lower, while Box Inc. and Nordstrom closed higher on positive earnings reports. US MBA mortgage applications rose +0.5%.

Interest RatesSeptember 10-year T-notes (ZNU24) yield fell to a 16-month low of 3.841% as swaps anticipate a -25 bp rate cut for the September FOMC meeting at 100% and a -50 bp cut at 36%. European bond yields were mixed, with the 10-year German bund yield falling -2.8 bp. The Eurozone July M3 money supply rose +2.3% y/y.

Chip stocks led the broader market lower on Wednesday, with ARM Holdings, Micron Technology, and Advanced Micro Devices among the day’s biggest losers. Super Micro Computer delayed filing its annual report, while Foot Locker cut its 2025 gross margin forecast. Insulet and Bio-Rad Laboratories were notable gainers after positive news. Earnings reports expected for August 29 include Autodesk, Best Buy, and Lululemon Athletica.



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