Nasdaq Dives While the Rest of the Market Remains Flat

US stocks dipped today after a high day on Tuesday, but this evening's earnings report could give it a boost.

Written by: Timothy St. John • Wednesday, August 28, 2024 • 2 min read

• Last updated: Wednesday, August 28, 2024

US stocks are moving timidly today as much of the market awaits the Nvidia (NVDA) earnings report. That chip maker has been one of the drivers of stock prices this year.

US stocks are dipping ahead of NVidia’s earnings.

With today’s earnings report, we expect the results to shift the market. Already we are seeing the Nasdaq Composite dip ahead of the quarterly report from Nvidia. The Nasdaq index is down 1.10% today, which is due to a number of stocks dipping dramatically.

Across the Nasdaq Composite we are seeing dramatic declines from UTime Ltd. (down 79%), Breara Holdings PLC (down 26%), AgapeATP Corp (down 25%), and many more with double digit drops.

The Dow Jones is flat with a 0.12% increase, and the S&P 500 is down by 0.66%. After last week’s stock market rally, it makes sense that the market will dip a bit. But after the Nvidia report comes out, we could see frenzied trading.

The Market’s Next Move

Tuesday saw the indexes climb slightly higher, but they have pulled back today. We may see a short spike right before trading closes off today as the market anticipates a couple of earnings reports that will be issued after the closing bell.

This week is a big one for clothing manufacturers, with reports from American Eagle, Abercrombie & Fitch, and Gap, among others.

A couple of economic reports will be released this week as well, including the important jobless claims report as well as personal consumption data. These can help shift the market and may even contribute to a reassessment of the US inflation rate. Those reports release on Thursday and Friday, which could help the market finish off the week with a bang.

Investors should be prepared for the market to tick up over the next few days, especially if NVidia manages to beat analyst predictions again.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.