Stock market today: Wall Street ticks lower and momentum stalls after a rare August gain
Wall Street drifted to a mixed close ahead of a couple potentially market-shaking events later in the week
NEW YORK — Wall Street ticked lower Tuesday ahead of two potentially market-shaking events later in the week.
The S&P 500 slipped 12.22, or 0.3%, to 4,387.55 to give back some of its rare August gain from a day before, which was powered by Big Tech stocks. The Dow Jones Industrial Average fell 174.86 points, or 0.5%, to 34,288.83, and the Nasdaq composite edged up by 8.28, or 0.1%, to 13,505.87.
Stocks have struggled this month as yields have shot upward in the bond market, which cranks up the pressure on other investments. The yield on the 10-year Treasury eased a bit Tuesday, a day after reaching its highest level since 2007.
Nvidia, one of Wall Street's most influential stocks, swung from an early gain to a loss of 2.8% ahead of its earnings report on Wednesday, one that could be pivotal for the stock market.
The chipmaker has been at the center of Wall Street’s frenzy around artificial-intelligence technology, which investors believe will create immense profits for companies. Nvidia’s stock has already more than tripled this year, and it likely faces a high a bar to justify the huge move.
Analysts expect Nvidia to say on Wednesday that its revenue swelled by nearly $4.5 billion to $11.19 billion during the spring from a year earlier.
Dick’s Sporting Goods plunged 24.1% after its profit for the latest quarter fell well short of expectations. It also cut its forecast for earnings over the full year, citing “inventory shrink.” That’s a term the industry uses to refer to theft and other losses of goods that never become sales.
Macy’s fell 14.1% despite reporting stronger results for the latest quarter than Wall
Read more on abcnews.go.com
