Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

S&P 500 Gives Up Gains as Nvidia Drags Down Tech

Stock Markets Aug 08, 2022 03:08PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
+1.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+1.88%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BA
+4.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BBBY
+1.25%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LRCX
+1.31%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NVDA
+2.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- The S&P 500 gave up gains Monday, following an Nvidia-led slump in tech after the chipmaker cut its guidance.

The S&P 500 fell 0.19%, the Dow Jones Industrial Average rose 0.1%, or 19 points, and the Nasdaq was down 0.23%.

Nvidia Corporation (NASDAQ:NVDA) fell more than 8% after the chipmaker reported second-quarter revenue of $6.7 billion, well below its estimates of $8.1 billion, give or take 2%, as a challenging macroeconomic environment that is expected to continue in Q3 dented revenue in its gaming business.

“While bad news on the gaming front was anticipated, we see this result as somewhat worse than expected,” Wedbush said, forecasting Nvidia to deliver earnings per share of $0.50 to $0.52 a share in Q2, compared with a prior consensus of $1.26. The chipmaker reports quarterly results on Aug. 24.

The warning on performance from Nvidia weighed on sentiment in the broader chip sector, with Marvell Technology (NASDAQ:MRVL), Lam Research (NASDAQ:LRCX) and Taiwan Semiconductor Manufacturing (NYSE:TSM) among the decliners.

Big tech, meanwhile, was mostly lower, though Meta Platforms (NASDAQ:META) bucked the trend rising more than 2%.  

Palantir Technologies (NYSE:PLTR), meanwhile, slumped more than 13% after reporting an unexpected loss of 1 cent per share in the second quarter.

Energy was up more than 1%  to stifle losses in the broader market after oil prices cut losses shrugging off ongoing recession fears and slowing China crude imports that point to softer demand.

Consumer discretionary stocks, up 1%, driven by a rise in Tesla and airline stocks.

Tesla (NASDAQ:TSLA) added 1% to also lift consumer stocks as sentiment on electric vehicles was boosted by the new climate bill, which was passed over the weekend in the Senate and includes nearly $400 billion over a 10-year period to fund climate and energy-related programs and an extension as well as improvement to existing EV tax credits.

In deal news, Global Blood Therapeutics (NASDAQ:GBT) rallied 4% after the blood disorder drugmaker accepted Pfizer’s $5.4 billion, or $68.50 per share in cash, takeover offer.

Signify Health (NYSE:SGFY) jumped more than 11% on reports that CVS Health Corp (NYSE:CVS) is weighing a bid for the health services company, The Wall Street Journal reported, citing unnamed sources.

In other news, investor appetite for so-called meme stocks returned as Bed Bath & Beyond (NASDAQ:BBBY) and AMC Entertainment (NYSE:AMC) surged.

Boeing Co (NYSE:BA) jumped more than 1% after Federal Aviation Administration said Monday that the aircraft maker is expected to resume deliveries of its Dreamliners in the coming days. 

S&P 500 Gives Up Gains as Nvidia Drags Down Tech
 

Related Articles

China Vanke Unit Onewo Slumps 8% in Hong Kong Debut
China Vanke Unit Onewo Slumps 8% in Hong Kong Debut By Investing.com - Sep 28, 2022

By Ambar Warrick  Investing.com-- Shares of Onewo Inc (HK:2602), the property management unit of China Vanke Co Ltd (HK:2202), tumbled in their Hong Kong debut amid weak risk...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
soho electronics
soho electronics Aug 08, 2022 4:01PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
and some how all indices end up positive.
Mitchel Pioneer
Mitchel Pioneer Aug 08, 2022 3:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Can't have a day in the BIGGEST INVESTMENT JOKE IN THE WORLD without a dose of "late trade" magic, now can we?  Pure fraud and criminal manipulation.
Robert Palumbo
Robert Palumbo Aug 08, 2022 3:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The millennials are growing up and playing less games so Nividia is bringing down the market lol
Byron Ortega
Byron Ortega Aug 08, 2022 3:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Always some dumb ish
John Miller
John Miller Aug 08, 2022 2:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Boeing's one year return -28%
John Miller
John Miller Aug 08, 2022 2:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Boeing "jumped" 1%! Wow. Isn't that fantastic?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email