Diamonds and Dogs

8/23/23

It's a Nvidia (NVDA) world. AI chipmaker is up nearly 3% ahead of earnings. The chipmaker has added more than $370 billion in market value since its last update and is the biggest contributor to the Nasdaq 100's 36% rally this year. Second-quarter report, which is expected to show revenue up 65% from the same period a year ago. Excitement abounds.

Bad week for athletic apparel and footwear. Foot Locker (FL) is down sharply, over 30% as the company slashed its full-year outlook for the second straight quarter and suspended its quarterly dividend as a "still-tough consumer backdrop" weighs on the footwear retailer. Nike is down 4% in sympathy as well while Dicks continues its slide.

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