Nasdaq slips as S&P 500 struggles ahead of Nvidia earnings

U.S. stocks were mixed in trading on Monday as investors weighed the imminent arrival of interest rate cuts and headed into a busy week dominated by Nvidia’s ( NVDA ) earnings report.

The Dow Jones Industrial Average (^DJI) briefly touched new intraday records before giving up its gains to move near the flatline. The S&P 500 (^GSPC) fell 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) fell 1% as shares of chip heavyweight Nvidia fell.

Shares of Tesla ( TSLA ) also fell 3%, contributing to losses in the Nasdaq and S&P 500.

Stocks are coming off weekly gains after Chairman Jerome Powell made it clear the Fed is ready to cut rates in September. All major indices have gained more than 1% in the past week.

Markets moved quickly to price in a total of 1% cuts through the end of 2024. But with only three central bank meetings in September, November and December still to come, Wall Street is left wondering when and if. 0.5% reduction is possible.

Now Nvidia is firmly focused on earnings — the key event of the week — which will determine whether the market mood is upbeat. If the chipmaker’s results on Wednesday fail to meet sky-high expectations, it could further dampen the AI ​​trade that drove stock gains — and test the market’s rally from August lows.

A Friday update on Fed policymakers’ favorite inflation gauge, the PCE index, feeds rate-path calculations. A reading of second-quarter gross domestic product is on the floors on Thursday.

Meanwhile, oil prices rose about 3% amid fears of rising Middle East tensions after production shutdowns in Libya and Israel and Hezbollah launched strikes. Global benchmark Brent crude futures (BZ=F) rose to $80.08 a barrel, while US benchmark WTI crude futures (CL=F) settled at $77.19 a barrel.

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  • McLaren CEO follows Ferrari’s blueprint for success – but ‘without the arrogance’

    Yahoo Finance Press Subramanian reports:

    CARMEL, Calif. — McLaren CEO Michael Leiters believes the British luxury supercar maker can succeed like Ferrari — but in a slightly different way.

    “We have an element in our brand, which is ownership,” Leiters, who has been at the helm of McLaren for two years after eight years as Ferrari’s CTO, said in an interview with Yahoo Finance during Monterey Car Week. “We love it. There are people here. … We talk to everybody — no arrogance.

    This could read as a not-so-disguised swipe at Ferrari, as the Italian luxury sports car manufacturer is known for secrecy, invitation-only events and selling new vehicles only to current or prospective customers.

    Read more here.

  • Dow rises 200 points, Nasdaq falls, Nvidia falls 2%

    Markets were mixed on Monday as the Dow Jones Industrial Average (^DJI) surged more than 200 points to hit a new intraday record.

    The S&P 500 (^GSPC) pared earlier gains by 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell more than 1%, led by a drop in Nvidia (NVDA) shares.

    The AI ​​chip heavyweight will report quarterly results this Wednesday after the market closes.

    EV company Tesla ( TSLA ) also fell more than 3% on the S&P 500 and Nasdaq.

  • Dow hits 200-point intraday record

    The Dow Jones Industrial Average (^DJI) rose more than 200 points, or 0.5%, to hit a new intraday high of 41,394.10 on Monday morning.

    Energy and commodities led gains on Monday. Meanwhile, technology stocks lagged, with the tech-heavy Nasdaq Composite ( ^IXIC ) falling as much as 0.7%, while the S&P 500 ( ^GSPC ) fell slightly.

  • S&P 500 rises, inches toward record high

    The S&P 500 (^GSPC) rose 0.3% on Monday, nearing its July record high. The index was down less than 0.5% from an all-time high of 5,667.20 on July 16.

    The Dow Jones Industrial Average (^DJI) rose 0.3% on Monday. The tech-heavy Nasdaq Composite (^IXIC) moved slightly above the flatline after opening slightly lower.

  • Stocks open mixed this week as investors focus on Nvidia earnings

    Shares were mixed on Monday as investors focused on a busy week with Nvidia’s ( NVDA ) earnings report.

    The S&P 500 (^GSPC) rose roughly 0.1%, while the Dow Jones Industrial Average (^DJI) added roughly 0.2%. The tech-heavy Nasdaq Composite ( ^IXIC ) fell just below the flatline after major indexes rallied on Friday.

    Nvidia remains firm on earnings this week. A lot is riding on those results as the AI ​​chip heavyweight is a major driver of the markets this year. Nvidia stock was little changed on Monday morning following Friday’s 4.5% gain.

    Stocks hit new record highs on Friday after Fed Chair Jerome Powell made it clear the central bank is ready to cut rates in September. The benchmark S&P 500 index is less than 1% off an all-time closing high set in July.

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