Stock Market Today, Aug. 24: Nvidia Extends Losses as Tech Stocks Retreat
The Dow Jones Industrial Average (DJINDICES:^DJI) gained 0.26% to 53,417, outperforming the broader market as defensive buying countered a sharp tech retreat. The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.76% to 25,980, and the S&P 500 (SNPINDEX:^GSPC) dropped by 0.28% to 7,653.
Gold prices rose 0.76% to $4,650.64 as of U.S. market close, while the 10-Year Treasury yield fell 0.03% to 4.70%. Consumer defensive stocks emerged as the top gainer as energy and technology stocks fell.
Today's biggest moves
Nvidia fell 2.9% as investors reduced risk ahead of its pivotal earnings on Wednesday. Memory stocks, including Micron Technology and Sandisk, tumbled after another Chinese memory-chip firm filed for an IPO in Shanghai. Expedia Group gained as investors continue to process strong earnings earlier this month and analyst upgrades.
What this means for investors
Nvidia continued its downward slide today, making seven consecutive days in the red for the tech behemoth and artificial intelligence bellwether. Investors are particularly cautious ahead of its quarterly earnings following weekend news reports that some Nvidia chip customers may face a 15% price hike.
Geopolitical uncertainty also impacted markets. Oil prices fell slightly as traders digest details of U.S. plans for heightened Iran sanctions. Canadian imports and exports came into focus after tariff negotiations between Canada and the U.S. failed. Safe-haven assets such as gold increased alongside defensive stocks as investors take a cautious approach ahead of key economic updates this week.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Micron Technology and Nvidia. The Motley Fool has a disclosure policy.
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