Stock Market Midday, Aug. 24: Dow Edges Higher as Chip Weakness Pressures Nasdaq
As of 11:37 AM ET, the Dow Jones Industrial Average (DJINDICES:^DJI) is up 0.27% to 53,419.17, outperforming the S&P 500 (SNPINDEX:^GSPC), which is down 0.23% to 7,656.50, and the Nasdaq Composite (NASDAQINDEX:^IXIC), which has slipped 0.44% to 26,066.56 as tech-sector volatility offsets blue chip gains.
Gold is up 1.20% to $4,671.09, while the 10-Year Treasury yield is down 0.04% to 4.69%. Communication Services and financials lead sector gainers relative to lagging technology, energy, and industrial stocks.
Today's biggest moves
Applied Optoelectronics plunged 11% this morning after announcing a $600 million equity offering, while PDD Holdings, the parent company of Pinduoduo, which owns popular online retailer Temu, rose, then fell following its quarterly earnings. Nvidia Corporation slid ahead of this week's earnings.
What this means for investors
Last week's bond market sell-off and uncertainty about what shape U.S. sanctions against Iran might take continue to pressure markets. The Dow held strong while semiconductors weighed on the Nasdaq this morning, suggesting investors are rotating out of riskier tech stocks and into blue chips.
This week will see high-stakes earnings from Nvidia, CrowdStrike, and Marvell Technology, as well as further inflation and consumer confidence data. Plus, there's the annual Jackson Hole Economic Symposium in Wyoming, where Federal Reserve Chair Kevin Warsh is due to speak on Friday. Investors can expect further volatility as traders watch for guidance on how the Fed might handle stubborn inflation and gauge artificial intelligence (AI) spending and demand.
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Emma Newbery has positions in CrowdStrike, Marvell Technology, and Nvidia. The Motley Fool has positions in and recommends CrowdStrike, Marvell Technology, and Nvidia. The Motley Fool has a disclosure policy.
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