S&P 500, Nasdaq droop as tech stocks weigh; Nvidia results on tap
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
PDD Holdings slumps after quarterly revenue miss
Oil companies up on supply disruption fears, Middle East tensions
Boeing slips as NASA picks SpaceX over Starliner
Indexes: Dow up 0.02%, S&P 500 off 0.41%, Nasdaq down 0.94%
Updated at 11:47 a.m. ET/ 1547 GMT
By Johann M Cherian and Purvi Agarwal
Aug 26 (Reuters) - The S&P 500 and the Nasdaq dropped in choppy trading on Monday, weighed by AI-favorite Nvidia ahead of its results later in the week, while markets awaited a key inflationreport andcemented bets on an imminent interest-rate cut by the Federal Reserve.
NvidiaNVDA.O dropped 2.3%, leading declines among chip stocks and sending the Philadelphia SE Semiconductor index .SOX down2.5% ahead of the chip designer's highly anticipated earnings on Wednesday. The broader Technology sector .SPLRCT also lost over 1%.
Markets have been less forgiving this quarterof highly valued megacap stocks, which spearheaded the excitement around artificial intelligence.
Nvidia's earnings will be scrutinized tojustify the stock's more than 160% year-to-date jump, which pushed its market cap value to No. 2, just below Apple's AAPL.O, as of Friday's close.
"Nvidia's on tap. People are taking a little money off the table, saying, well, we've earned some money," said Kim Forrest, chief investment officer at Bokeh Capital Partners. "Their forecast for the next six months or so is probably the most important data that we get this week."
Other growth names such as Tesla TSLA.O shed 3%, while Meta META.O fell 1.4% and Apple AAPL.O lost 0.8%.
At 11:47 a.m. ET, the Dow Jones Industrial Average .DJI was up 10.14 points, or 0.02%, at 41,185.22, the S&P 500 .SPX was down 22.99 points, or 0.41%, at 5,611.62, and the Nasdaq Composite .IXIC was down 168.87 points, or 0.94%, at 17,708.93.
The Energy sector .SPNY bucked the trend torise 0.6%, as reports of oil supply disruptions amid thegeopolitical conflict in the Middle Eastlifted crude prices. O/R
Other areas in the market, including financialsstocks such as American Express AXP.N and consumer staples such as Proctor& Gamble PG.N, also saw gains, limiting declines on the blue-chip Dow, whichhit an intraday record high earlier in the day.
The main indexes rallied more than 1% on Friday, with the benchmarkS&P 500 .SPX nearingrecord highs after U.S. FederalReserve Chair Jerome Powell said "the time has come" to lower borrowing costs in the light of a diminishing upside risk to inflation and moderating labor demand.
Traders are now betting on either a 25-basis-point or a 50-basis-point rate cut in September. Odds of the former stand at 67.5%, while odds of a 50-bps cut are at 34.5%, according to the CME Group's FedWatch tool.
Friday's highly anticipatedPersonal Consumption Expenditure data for July, the central bank's preferred inflation gauge, could provide more insight into the policy easing trajectory.
Resultsfrom Dell DELL.N, Salesforce CRM.N, Dollar General DG.N and Gap GAP.N are also expected through the week.
Among others, U.S.-listed shares of PDD Holdings PDD.O sank 29.8% after the Temu-owner missed market expectations for second-quarter revenue.
Boeing BA.N slipped 1.4% after NASA picked SpaceX over the planemaker's Starlinerto return its astronauts from space next year.
Advancing issues outnumbered decliners by a 1.41-to-1 ratio on the NYSE, and by a1.19-to-1 ratio on the Nasdaq.
The S&P index recorded 91 new 52-week highs and no new lows, while the Nasdaq recorded 127 new highs and 26 new lows.
Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
