Stock Market Today: Indexes Reverse Lower At Midday; Nvidia Edges Higher As AI Chip Rival's Results Loom (Live)

September 5, 2024

Today’s Stock Market Update: Indexes Fall Midday; Nvidia Gains as AI Chip Competitor’s Earnings Approach (Live)

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The Dow Jones Industrial Average experienced a 0.9% decline during midday trading on Thursday. Nvidia, after two days of selling, reversed course and moved higher ahead of Broadcom’s earnings announcement after the market closed. Investors are eagerly anticipating information on AI chip demand during the upcoming conference call.

The S&P 500 initially saw gains but ended up falling 0.6% during the trading session, dropping slightly below the 50-day moving average. This is an important short-term signal for the market. The Nasdaq composite also struggled, losing 0.1% as it attempted to recover from recent losses.

In terms of job data, there were mixed results leading up to the upcoming payrolls report. While the increase in jobs in August was slightly below expectations, initial jobless claims for the week ended well below estimates. Economic indicators are showing a range of results, with some above consensus and some falling short.

Investors are closely monitoring the upcoming Federal Reserve meeting and the likelihood of a rate cut. Currently, there is a 55% chance of a 25-basis point cut, with odds of a 50-basis point cut standing at 45%. These events are influencing market behavior and investor sentiment.

Stocks like Verizon Communications, Apple, and Amazon are experiencing varied performance, with some seeing gains and others facing losses. The market is reacting to specific company news and broader economic indicators.

In the tech sector, companies like Nvidia and Tesla are making moves that are capturing investor attention. Nvidia’s participation in a funding round for a data center project boosted its stock, while Tesla’s plans for self-driving initiatives in China and Europe are generating interest.

Overall, the market is responding to a mix of company-specific news, economic data, and broader trends. Investors are navigating these factors to make informed decisions about their portfolios and market positions.