📈 Nvidia Keeps Falling

Nvidia keeps falling after hours, Stocks may continue to stumble, AT&T strike continues, Oil extends losses, Boeing’s cash flow worries continue.

Author

Evelio Silvera
September 04, 2024

Good morning.

⚡ The Fast Five → Nvidia keeps falling, Stocks may continue to stumble, AT&T strike continues, Oil extends losses, Boeing’s cash flow worries continue.

And now…

⏱️ Your 5-minute briefing for Wednesday, September 4, 2024:

MARKET BRIEF
Before the Open

As of market close 9/3/2024.

Pre-Market

Fear & Greed

*Up 2pts from Yesterday

Trends

  • Wall Street drops on September worries, upcoming data

  • Fed policymakers agree on need for rate cuts, but their reasons vary

  • US manufacturing mired in weakness

  • US construction spending falls more than expected

WHAT WE’RE WATCHING
Events

  • Today: Job Openings and Labor Turnover Survey, 10AM

  • Why You Should Care: Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity

Earnings Reports

  • Today: HP, Dick’s Sporting Goods, Dollar Tree, Hormel Foods

  • Tomorrow: Broadcom, DocuSign, Samsara

MARKET BRIEF
Headlines

The Justice Department reportedly has issued subpoenas to Nvidia (NVDA) and other companies as it probes concerns that the AI chip giant is is exploiting its dominance in artificial intelligence. Nvidia stock fell slightly overnight after plunging in Tuesday's regular session.

Stocks are facing a possible double-digit drawback in the next eight weeks as a slew of market-moving events temporarily challenge this year's gains, explains Fundstrat's Tom Lee

  • Stocks stumble as growth worries resurface, tech shine dims (link)

  • Constellation Brands Cuts Outlook on U.S. Wine Market Woes (link)

  • New FTC rule aims to simplify subscription cancellations (link)

  • AT&T Strike in Southeast Stretches Into Third Week (link)

  • Oil extends losses on signs of end to Libyan dispute, demand concerns (link)

  • AI likely to weigh on oil prices over the next decade (link)

  • Boeing's Cash Flow Goal May Be Pushed Back (link)

CRYPTO
Fear & Greed

*Up 1 pt from Yesterday

Headlines

  • Signs point to a likely altcoin rally in the final months of 2024 (link)

  • Bitcoin price loses traction as miner profits drop and spot BTC outflows persist (link)

  • Polygon to Start Much-Awaited Swap of POL Token for Longstanding MATIC (link)

  • Ethereum on-chain lending markets see second-largest liquidations ever amid ETH price plunge (link)

DAILY SHARE
On the Socials