Day Traders Diary
The major averages have a major reversal following blow out earnings from Nvidia last night. The Dow Jones Industrial Average rose over 100 points this morning, but finished down over 300 points or 0.95%. The S&P 500 fell over 50 points or 1% while the Nasdaq fell over 200 points after rallying over 100 points on the open.
Nvidia shares popped over 4% on the open after the company reported quarterly earnings and revenue that exceeded lofty analyst's expectations. The company also raised its guidance, with executives predicting third-quarter revenue would climb to $16 billion, or a year-over-year increase of 170%.
The spectacular earnings news didn't help the broader tech sector. Shares of Taiwan Semiconductor added 1% on the open, but fell 1% by the close. AMD and Marvell Technology are both down over 6% after opening higher this morning.
Boeing dragged the Dow lower on news of a supplier creating issues with their 737 Max production. In the retail space, Dollar Tree fell 12% on earnings dragging Dollar General with it.
The big news going forward will be comments from Federal Reserve Chair Jerome Powell from Jackson Hole, Wyoming, on Friday. Wall Street is expecting more insight toward the path of benchmark interest rates.
U.S. Treasury yields climbed with the yield on the benchmark 10-year Treasury note rising to 4.223%, after hitting a 16-year high earlier this week.
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