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Afternoon Note

Nvidia Day

By Karina Hernandez, Senior Research Analyst
8/28/2024 1:54 PM

All major indices are in the red today, as the market braces for NVDA earnings, with the Nasdaq Composite selling off the most, down 1.06%.

Shares of Warren Buffett’s Berkshire Hathaway (BRK-A, BRK-B) hit $1 trillion in market cap today and becomes the first US company outside of Technology to cross this market cap.

The Fear & Greed Index remains unchanged since last week and still stuck on neutral.

Utilities (XLU), Health Care (XLV), and Financials (XLF) are the only three sectors in the green so far today. The two sectors lagging the most are Technology (XLK), down 1.43% and Consumer Discretionary (XLY), falling 1.08%.

Shares of Super Micro Computer, Inc. (SMCI) led the Technology sector lower on news of potential accounting misrepresentations.

All eyes on Jensen Huang who is becoming an influencer outside the world of tech. The betting is that the company beats consensus and the shares surge, which has happened five times in the last six releases.

There is light participation with volume still below-average at the NYSE and Nasdaq.

Market Breadth

NYSE

NASDAQ

Advancers

1,078

1,210

Decliners

1,678

2,814

New Highs

177

95

New Lows

20

86

Up Volume

345.8 million

922.35 million

Down Volume

1.05 billion

2.12 billion


Comments
I rolled the dice and bought NVDA at $108.69 and AMD at $130.06 on the dips. I will buy again below those prices. I'm accumulating for my kid and grandkids. Chips rule baby!

Tom Hall on 8/28/2024 7:34:34 PM
 

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