Stocks close lower as chip stocks stumble ahead of Nvidia earnings

From Nasdaq: 2024-08-28 18:42:30

Stocks closed lower Wednesday, with the Nasdaq 100 hitting a 2-week low as chip stocks stumbled ahead of Nvidia earnings. Super Micro Computer dropped more than -19%, Foot Locker more than -10%, and J M Smucker more than -4%. Box Inc. soared more than +10% and Nordstrom more than +4% on positive earnings news.

Investors eagerly await Nvidia’s earnings after Wednesday’s close, with a surge expected in Q2 revenue to $28.86 billion. Mortgage applications rose +0.5%, 30-year fixed rates hit a 16-month low at 6.44%, and markets forecast a -25 bp rate cut for September’s FOMC meeting.

Overseas markets settled mixed with Euro Stoxx 50 up +0.29%, Shanghai Composite down -0.40%, and Nikkei Stock 225 up +0.22%. 10-year T-notes closed up +0.5 of a tick, and Eurozone M3 money supply increased +2.3% y/y in July.

Stock movers included ARM Holdings, Micron Technology, and Advanced Micro Devices closing down, with Super Micro Computer down over -19% and Bath & Body Works down -7%. Insulet led gainers in the S&P 500 closing up more than +6%, while Bio-Rad Laboratories closed up more than +2%.ernetesInfl卫ation is rising, Bio-Rad Laboratories is closing on a high.XRTableCell.



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