Dow Set to Open Up Ahead of Crunch Nvidia Earnings
There go the Dow’s gains.
The blue-chip index was down 135 points, or 0.3%, in Wednesday afternoon trading after rising for most of the morning. The S&P 500 was still up 0.2%, but fewer than half of its stocks were still posting gains. The Nasdaq Composite was up 0.6%.
The Dow was being dragged down by declines among key stocks such as Amgen and UnitedHealth. Its top stock of the day, Nvidia, has less pull because the stock price is only about $132.
Wall Street continued buying the dip in riskier stocks; the Invesco S&P 500 High Beta ETF was up 2.4% while the Invesco S&P 500 Low Volatility ETF was down 0.7%.
There wasn’t a ton of news for markets to fixate on, but that will likely change when Nvidia reports quarterly results tonight. The market’s reaction to the AI chip titan’s report will help set the tone, at least until we get substantial updates on the economy and inflation.