S&P 500, Nasdaq slump as Nvidia struggles ahead of earnings

He lives6 updates

• Monday, August 26, 2024 at 12:39 PM EST

  Technology stocks fell as Nvidia, Broadcom and Tesla shares fell.

  Technology stocks fell on Monday, weighing on the S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC).

  Shares of Nvidia (NVDA) were down more than 1.5% by 12:30 p.m. ET, though they were off session lows. Semiconductor company Broadcom (AVGO) was down more than 3%, while electric-car maker Tesla (TSLA) was also down more than 2%.

  Meanwhile, materials (XLP), utilities (XLU) and energy (XLE) stocks posted gains, helping lift the Dow Jones Industrial Average (^DJI) to higher levels.

• Monday, August 26, 2024 at 11:30 AM EST

  McLaren CEO looks to follow Ferrari model for success – but ‘without arrogance’

  Yahoo Finance’s Prasad Subramanian says in his report:

  CARMEL, Calif. — McLaren CEO Michael Leiters believes the British luxury carmaker can succeed as Ferrari has — but in a slightly different way.

  “We have one element in our brand, and that is belonging,” Leiters, who took over McLaren for two years after eight years as Ferrari’s chief technology officer, told Yahoo Finance in an interview during Monterey Car Week. “We want to have people here… talking to everyone — without arrogance.”

  This could be read as an indirect attack on Ferrari, since the Italian luxury sports car maker is notorious for its secrecy, holding invite-only events, and selling new vehicles only to existing or favored customers.

  Read more here.

• Monday, August 26, 2024 at 10:49 AM EST

  Dow Jones jumps 200 points, Nasdaq declines, Nvidia falls 2%

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

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

  The AI ​​chip giant will report its quarterly results next Wednesday after the market closes.

  Electric car giant Tesla (TSLA) also fell more than 3%, weighing on the S&P 500 and Nasdaq.

• Monday, August 26, 2024 at 10:31 AM EST

  Dow Jones gains 200 points, hits record intraday high

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

  Energy and materials sectors led gains on Monday. Meanwhile, technology stocks lagged, with the tech-dominated Nasdaq Composite (^IXIC) down 0.7% while the S&P 500 (^GSPC) was down slightly.

• Monday, August 26, 2024 at 9:42 AM EST

  S&P 500 Index Rises, Heading for Record High

  The Standard & Poor’s 500 Index (^GSPC) rose 0.3% on Monday, closing in on a record high set in July. The index was less than 0.5% away from its all-time closing high of 5,667.20 set on July 16.

  The Dow Jones Industrial Average (^DJI) rose 0.3% on Monday. The technology-heavy Nasdaq Composite (^IXIC) fell just above the line after opening slightly lower.

• Monday, August 26, 2024 at 9:31 AM EST

  Stock Markets Open Mixed as Investors Shift Focus to Nvidia Earnings This Week

  Stocks were mixed on Monday as investors turned their focus to a busy week led by Nvidia’s (NVDA) earnings report.

  The S&P 500 (^GSPC) rose about 0.1%, while the Dow Jones Industrial Average (^DJI) added about 0.2%. The technology-dominated Nasdaq Composite (^IXIC) fell below the flat line after major indexes rose on Friday.

  This week, focus is on Nvidia’s earnings. Much is riding on those results, as the AI ​​chip giant has been a major market mover this year. Nvidia’s stock was little changed Monday morning after rising 4.5% on Friday.

  Stocks approached fresh record highs on Friday after Federal Reserve Chairman Jerome Powell indicated the central bank is prepared to shift to lowering interest rates in September. The benchmark S&P 500 is less than 1% away from its all-time closing high set in July.