Overview
Top domestic gauges erased gains from the start of trading and posted losses on Wednesday, ending the stock market’s brief rally from heavy losses earlier in the week.
- Nasdaq Composite: -1.1%
- S&P 500: -0.8%
- Dow Jones Industrial Average: -0.6%
This rather strong intraday reversal happened after a slight pullback from the three consecutive sessions of massive losses that investors attributed to the weakening of the U.S. economy and downtrends in key technology companies.
Key Movers
Decliners
- Nvidia (NVDA): -5.1%
- Broadcom (AVGO), Intel (INTC), and Arm Holdings (ARM) also saw sharp declines.
- Super Micro Computer (SMCI): -20% after missing earnings expectations and announcing a 10-for-1 stock split.
Mixed Results in Tech
- Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) retreated.
- Apple (AAPL) and Amazon (AMZN) posted gains.
Disney (DIS)
- Disney (DIS): -4.5% despite better-than-expected results, as weaknesses in its theme parks business dampened investor sentiment.
Other Notable Declines
- Airbnb (ABNB): -13% after issuing a warning about slowing U.S. demand.
- Novo Nordisk (NVO): -8.4%
- CVS Health (CVS): -3.2%
Economic Data and Market Sentiment
Market participants focus on the economic reports, looking for signs of the economy’s deterioration to trigger a Fed rate cut. Wednesday’s rather low number of economic releases paved the way for Thursday’s key weekly jobless claims data.
Treasury Yields
- 10-year Treasury yield: Increased to around 3.96%, up from a low of 3.70% on Monday, influenced by a weak jobs report that heightened expectations of rate cuts.
Commodities
- Gold futures: Steady at around $2,430.
- Crude oil: +3% amid Middle Eastern tensions.
- Bitcoin: Trading around $55,000, down from earlier highs above $57,000.
Biggest S&P 500 Movers
Decliners
- Super Micro Computer (SMCI): -20.1% due to disappointing quarterly results and a stock split announcement.
- Airbnb (ABNB): -13.4% after a cautious outlook on U.S. travel demand.
- Charles River Laboratories International (CRL): -12.6% following a downward revision in sales forecasts.
Advancers
- Fortinet (FTNT): +25.3% on strong quarterly results and upbeat guidance.
- Axon Enterprise (AXON): +18.4% driven by robust earnings and positive reception of its Draft One AI product.
- Global Payments (GPN): +6.9% after exceeding sales and profit estimates and announcing new partnerships.
Highlight: Shopify’s Strong Earnings
There was a great advancement in the share prices of Shopify (SHOP) on Wednesday following the release of second-quarter earnings that were much higher than expected and offered better guidance for the third quarter. Its revenue is anticipated to increase by 20-25 percent every year. Its equity in the stock market reached a quote of $63 at the close of business at Shopify. 89, 18% higher than at the beginning of the year, but far from the levels witnessed at the pandemic’s peak
Market Update for August 7
our article covers the Market Update for August 7. In this article you will learn about all declining stocks and vice versa.Overview
Top domestic gauges erased gains from the start of trading and posted losses on Wednesday, ending the stock market’s brief rally from heavy losses earlier in the week.
- Nasdaq Composite: -1.1%
- S&P 500: -0.8%
- Dow Jones Industrial Average: -0.6%
This rather strong intraday reversal happened after a slight pullback from the three consecutive sessions of massive losses that investors attributed to the weakening of the U.S. economy and downtrends in key technology companies.
Key Movers
Decliners
- Nvidia (NVDA): -5.1%
- Broadcom (AVGO), Intel (INTC), and Arm Holdings (ARM) also saw sharp declines.
- Super Micro Computer (SMCI): -20% after missing earnings expectations and announcing a 10-for-1 stock split.
Mixed Results in Tech
- Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) retreated.
- Apple (AAPL) and Amazon (AMZN) posted gains.
Disney (DIS)
- Disney (DIS): -4.5% despite better-than-expected results, as weaknesses in its theme parks business dampened investor sentiment.
Other Notable Declines
- Airbnb (ABNB): -13% after issuing a warning about slowing U.S. demand.
- Novo Nordisk (NVO): -8.4%
- CVS Health (CVS): -3.2%
Economic Data and Market Sentiment
Market participants focus on the economic reports, looking for signs of the economy’s deterioration to trigger a Fed rate cut. Wednesday’s rather low number of economic releases paved the way for Thursday’s key weekly jobless claims data.
Treasury Yields
- 10-year Treasury yield: Increased to around 3.96%, up from a low of 3.70% on Monday, influenced by a weak jobs report that heightened expectations of rate cuts.
Commodities
- Gold futures: Steady at around $2,430.
- Crude oil: +3% amid Middle Eastern tensions.
- Bitcoin: Trading around $55,000, down from earlier highs above $57,000.
Biggest S&P 500 Movers
Decliners
- Super Micro Computer (SMCI): -20.1% due to disappointing quarterly results and a stock split announcement.
- Airbnb (ABNB): -13.4% after a cautious outlook on U.S. travel demand.
- Charles River Laboratories International (CRL): -12.6% following a downward revision in sales forecasts.
Advancers
- Fortinet (FTNT): +25.3% on strong quarterly results and upbeat guidance.
- Axon Enterprise (AXON): +18.4% driven by robust earnings and positive reception of its Draft One AI product.
- Global Payments (GPN): +6.9% after exceeding sales and profit estimates and announcing new partnerships.
Highlight: Shopify’s Strong Earnings
There was a great advancement in the share prices of Shopify (SHOP) on Wednesday following the release of second-quarter earnings that were much higher than expected and offered better guidance for the third quarter. Its revenue is anticipated to increase by 20-25 percent every year. Its equity in the stock market reached a quote of $63 at the close of business at Shopify. 89, 18% higher than at the beginning of the year, but far from the levels witnessed at the pandemic’s peak
