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)
