All eyes are on Nvidia's earnings report due out after the close
Wall Street saw notable losses across the board Wednesday, with the Dow logging a 159-point drop and snapping a three-day win streak. The Nasdaq also suffered a triple digit drop ahead of Nvidia's (NVDA) highly-anticipated earnings report, though both indexes bounced off their session lows at the close.
The chipmaker's results will have broad implications on the sustainability of the broader tech surge seen this throughout this year. Elsewhere, the S&P 500 also logged a substantial loss, while the Cboe Volatility Index (VIX) logged its best single-session percentage pop since Aug. 5.
Continue reading for more on today's market, including:
- Retail stocks that bounced higher after earnings.
- Keep an eye on these three fintech stocks.
- Plus, a troubling SPX sign, and more retail earnings to parse.
5 Things to Know Today
- Alphabet (GOOGL)-owned Google plans to relaunch its Gemini artificial intelligence tool. (CNBC)
- U.S. President Joe Biden's top Middle East adviser held talks with senior Qatari leaders about a complete cease-fire. (MarketWatch)
- What this SPX pattern could mean.
- Why these two retail stocks fell after earnings.
- PVH stock slipped after dreary outlook.
Oil Prices Pare Midday Drop, Still Finish Lower
Investors are speculating that the end of the summer driving season will weaken demand for oil, leading prices lower. However, U.S. data showing a second straight weekly decline in domestic crude supplies helped keep losses in check. For the session, October-dated West Texas Intermediate (WTI) crude fell $1.01, or 1.3%, to close at $74.52 per barrel.
Gold prices turned in a similar loss Wednesday, as investors continued to parse key inflation data out of the U.S.. At last glance, gold for December delivery was down 0.6% to settle at $2,537.80 per ounce.