Wall St. Braces for Nvidia Earnings



Investors sent the NASDAQ Composite lower on Wednesday as they waited for Nvidia’s quarterly earnings announcement.

The Dow Jones Industrials slipped 113.46 points to commence Wednesday at 41,137.04

The S&P 500 skidded 29.76 points to 5,596.04

The tech-heavy NASDAQ faded 187.24 points, or 1.1%, to 17,567.58.

Wall Street is keeping an eye on Nvidia to gauge the sustainability of the broader tech and AI trade. The semiconductor giant — slated to report after the close — has surged 159% in 2024, raising questions of how much more room there is for the stock to run. On Wednesday, it fell 2%.

Nordstrom advanced 5% after the retailer posted adjusted earnings in the second quarter that surpassed expectations. Semiconductor developer Ambarella jumped nearly 11% on upbeat revenue guidance in the third quarter. PVH, owner of Calvin Klein, slumped more than 6% on a disappointing outlook for the current quarter.

Elsewhere, a regulatory filing showed that Warren Buffett’s Berkshire Hathaway sold shares of Bank of America once again. The conglomerate dumped more than 24 million shares for $981.9 million in earlier sessions.

Prices for the 10-year Treasury inched higher, lowering yields to 3.83% from Tuesday’s 3.84%. Treasury prices and yields move in opposite directions.

Oil prices sank 64 cents at $74.89 U.S. a barrel.

Gold prices dropped $8.90 to $2,544.00.