S&P 500, Nasdaq Pivot Lower After Chipmaker's Warning

The New York Fed's survey for July revealed a big drop in inflation expectations

Digital Content Manager
Aug 8, 2022 at 4:31 PM
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Stocks trimmed their gains on Monday afternoon, as a revenue warning from NVIDIA (NVDA) dragged tech stocks lower. Both the S&P 500 and Nasdaq settled comfortably in the red, while the Dow erased most of its triple-digit gains to finish just above breakeven. The renewable energy sector enjoyed tailwinds from a $430 billion climate change bill that is headed for the U.S. House of Representatives, while the New York Federal Reserve's survey for July showed a massive drop in inflation expectations.

Continue reading for more on today's market, including:

  • Dismal revenue outlook weighed on this tech name.
  • Options bears blasted NVDA after today's update.
  • Plus, a word of caution to long equity investors; analysts turn bullish on solar stock; unpacking Emerson Electric's $3 billion sale.

The Dow Jones Average (DJI - 32,832.54) added 29.1 points, or 0.09% for the day. Walt Disney (DIS) led the gainers, adding 2.3%. JPMorgan Chase (JPM) paced the laggards, falling 1.2%.

The S&P 500 Index (SPX - 4,140.06) dipped 5.1 points, or 0.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,644.46) fell 13.1 points, or 0.1% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 21.29) rose 0.1 point, or 0.7% for the day.

closing indexes aug 8

nyse and nasdaq aug 8

5 Things to Know Today

  1. Meme traders were back at it on Monday, pushing Bed Bath & Beyond (BBBY) and AMC Entertainment (AMC) substantially higher, despite no clear catalysts. (CNBC)
  2. The Inflation Reduction Act could keep the U.S. "within striking distance" of halving emissions by 2030, says CEO of the World Resources Institute. (MarketWatch)
  3. Chart resistance may be a sobering reality for long equity investors.
  4. Analysts upgraded this solar stock after the climate change bill update.
  5. Why this $3 billion sale boosted Emerson Electric stock.

earnings aug 8

 uvol aug 8

Gold Prices Reconquer $1,800 as U.S. Dollar Cools

Oil prices were higher on Monday, as black gold worked to further distanced itself from its recent six-month lows. Traders were weighing demand for the commodity, following the July's New York Fed survey. September-dated crude added $1.75, or 2%, to settle at $90.76 per barrel for the day.

Gold prices settled higher as well, and reconquered the psychologically significant $1,800 level. A weaker U.S. dollar and cooling Treasury yields boosted the precious metal. In response, December-dated gold rose $14, or 0.8%, to close at $1,805.20 an ounce.

 

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