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Amidst Market Anticipation for Nvidia’s Earnings, the Nasdaq Composite Ends Lower for the Third Day

The Nasdaq Composite closed lower for the third consecutive day on Wednesday as investors awaited Nvidia’s quarterly earnings report.

The Dow Jones Industrial Average saw a modest gain of 48.44 points, or 0.13%, while the S&P 500 edged up by 0.13%. However, the Nasdaq Composite declined by 0.32%.

Nvidia is set to release its fiscal fourth-quarter results after the market closes. Concerns have arisen about Nvidia’s high valuation ahead of the earnings announcement, as the chipmaker’s stock has surged by nearly 230% in the past year. The stock dipped by 2.8% on Wednesday.

Quincy Krosby, chief global strategist at LPL Financial, posed the question, “Can Nvidia provide the market with a much-needed catalyst?” She pointed out that recent expectations of interest rate cuts have been undermined, leaving the stock market without a clear driver. Krosby emphasized that strong earnings and guidance could serve as the next catalyst for sustained growth in equities.

Source (CNBC)

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