US open: Stocks mixed as traders await Nvidia earnings

28th Aug 2024 14:23

(Sharecast News) - Wall Street stocks were mixed early on Wednesday as market participants awaited earnings from AI-darling Nvidia after the close.

As of 1525 BST, the Dow Jones Industrial Average was up 0.09% at 41,286.13, while the S&P 500 lost 0.12% to 5,618.49 and the Nasdaq Composite came out the gate 0.52% weaker at 17,662.57.

The Dow opened 35.63 points higher on Wednesday, extending modest gains recorded in the previous session that helped the blue-chip index eke out yet another record high.

Wednesday's primary focus will be the latest batch of quarterly earnings from Nvidia, with traders hoping to gauge the sustainability of the broader tech and AI sector. The semiconductor giant will report after the close.

On the macro front, mortgage applications increased 0.5% week-on-week in the seven days ended 23 August, according to the Mortgage Bankers Association of America, a marked turnaround when compared to the prior week's 10.1% drop. Applications to purchase a new home rose by 1%, while applications to refinance a mortgage slipped by 0.1%.

Elsewhere in the corporate space, retailer Nordstrom traded higher after posting Q2 adjusted earnings that came in ahead of expectations, while Calvin Klein owner PVH slumped on the back of disappointing guidance for the current quarter.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Merck & Co. Inc. (MRK) $117.58 0.93%

Johnson & Johnson (JNJ) $164.43 0.91%

Procter & Gamble Co. (PG) $170.72 0.87%

Unitedhealth Group Inc. (UNH) $590.69 0.57%

JP Morgan Chase & Co. (JPM) $221.22 0.47%

Caterpillar Inc. (CAT) $352.58 0.42%

3M Co. (MMM) $131.87 0.36%

International Business Machines Corporation (CDI) (IBM) $199.33 0.30%

American Express Co. (AXP) $255.74 0.28%

Home Depot Inc. (HD) $374.05 0.23%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $9.18 -2.91%

Intel Corp. (INTC) $19.80 -1.32%

Cisco Systems Inc. (CSCO) $50.17 -1.07%

Walt Disney Co. (DIS) $90.27 -0.69%

Salesforce.Com Inc. (CRM) $262.97 -0.47%

Microsoft Corp. (MSFT) $412.35 -0.36%

Dow Chemical Co. (DOW) $53.59 -0.33%

Goldman Sachs Group Inc. (GS) $505.83 -0.28%

Nike Inc. (NKE) $85.06 -0.27%

Chevron Corp. (CVX) $146.57 -0.26%

S&P 500 - Risers

Kohls Corp. (KSS) $20.76 5.92%

Nordstrom Inc. (JWN) $21.74 2.81%

Bristol-Myers Squibb (BMY) $49.46 2.78%

Gilead Sciences Inc. (GILD) $79.03 2.64%

VF Corp. (VFC) $18.12 1.85%

Gen Dynamics Corp. (GD) $295.46 1.81%

Vertex Pharmaceuticals Inc. (VRTX) $488.77 1.76%

RTX Corporation (RTX) $121.26 1.48%

Waters Corp. (WAT) $341.52 1.41%

Rollins Inc. (ROL) $50.26 1.40%

S&P 500 - Fallers

Foot Locker Inc. (FL) $27.71 -15.54%

PVH Corp. (PVH) $96.40 -7.72%

Bath & Body Works, Inc. (BBWI) $32.65 -5.96%

J. M. Smucker Co. (SJM) $115.54 -4.28%

Hanesbrands Inc. (HBI) $6.43 -3.38%

MGM Resorts International (MGM) $36.74 -3.34%

Freeport-McMoRan Inc (FCX) $43.90 -2.95%

Walgreens Boots Alliance, Inc. (WBA) $9.18 -2.91%

Micron Technology Inc. (MU) $95.16 -2.76%

Schlumberger Ltd. (SLB) $43.89 -2.55%

Nasdaq 100 - Risers

Gilead Sciences Inc. (GILD) $79.03 2.64%

Trip.com Group Limited (TCOM) $46.86 1.94%

Vertex Pharmaceuticals Inc. (VRTX) $488.77 1.76%

Sirius XM Holdings Inc (SIRI) $3.20 1.27%

Verisk Analytics Inc. (VRSK) $272.15 1.20%

J.B. Hunt Transport Services Inc. (JBHT) $174.14 1.19%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $375.57 1.14%

Fiserv Inc. (FI) $171.93 1.03%

PACCAR Inc. (PCAR) $95.29 0.99%

Paychex Inc. (PAYX) $131.24 0.88%

Nasdaq 100 - Fallers

Walgreens Boots Alliance, Inc. (WBA) $9.18 -2.91%

Micron Technology Inc. (MU) $95.16 -2.76%

Henry Schein Inc. (HSIC) $70.34 -2.52%

Qurate Retail Inc. (QRTEA) $0.60 -2.47%

Wynn Resorts Ltd. (WYNN) $75.18 -2.41%

Starbucks Corp. (SBUX) $96.70 -1.93%

Cadence Design Systems Inc. (CDNS) $263.77 -1.92%

Seagate Technology Plc (STX) $98.80 -1.90%

Align Technology Inc. (ALGN) $231.94 -1.84%

NetEase Inc. Ads (NTES) $82.01 -1.82%