Traders work on the floor of the New York Stock Exchange during morning trading on August 23, 2024 in New York City.
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of Nasdaq Composite Index It fell on Wednesday, NVIDIAThis comes as investors prepare for the latest earnings reports from semiconductor makers.
The tech-heavy index fell 0.5%. S&P 500 It fell 0.1%. Dow Jones Industrial Average It drifted near the flatline.
Wall Street is looking to Nvidia to gauge the sustainability of the overall technology and AI deal. The semiconductor giant, which is scheduled to report earnings after the close, has seen its stock surge 159% in 2024, raising questions about how much more it has room to climb. It fell more than 1% on Wednesday.
Investors will be watching to see delivery schedules for Nvidia's Blackwell chips and updates on AI demand, and Art Hogan, chief market strategist at B. Riley Wealth Management, believes Nvidia could have some more surprises in store for investors.
“The reason we have confidence is because our largest customers are already reporting and talking about how much they're spending on chips,” he told CNBC. “The hyperscalers have all been talking about making huge capital investments in the amount of GPUs they need to advance their AI strategies.”
Hogan added: “The company has performed quite consistently above expectations and is seeing all of its major customers continue to demand all of the products available from the company.”
Nordstrom The stock rose 5% after the retailer reported second-quarter adjusted profit that beat expectations. Ambarella The stock rose nearly 15% on the back of strong third-quarter earnings guidance. PVHThe Calvin Klein parent company saw its shares fall more than 6% after it gave a lackluster outlook for the current quarter.
Meanwhile, according to regulatory filings, Warren Buffett's Berkshire Hathaway Sold shares Bank of America Again. The conglomerate sold more than 24 million shares for $981.9 million in the previous session.
