U.S. Stocks Mixed as Nvidia Earnings Boost AI Trade
On Wednesday, U.S. stocks traded mixed ahead of the Federal Reserve's Jackson Hole gathering and amid anticipation for Nvidia’s earnings report. The Dow Jones Industrial Average fell by 0.2%, while both the S&P 500 and Nasdaq Composite edged lower after posting gains on Tuesday. Meta shares rose following a $16.7 billion settlement in a social media addiction trial, which included conditions tied to youth safety measures for competitors like TikTok and YouTube. After hours, Nvidia reported strong quarterly results with an upbeat third-quarter outlook, boosting the AI sector despite its stock falling 1.6% during regular trading. CEO Jensen Huang expressed regret over not investing more in AI sooner. Meanwhile, core PCE inflation remained steady at 3.3%, aligning with expectations and adding to market uncertainty ahead of Fed Chair Kevin Warsh’s speech. Other earnings highlights included a 35% surge for Abercrombie & Fitch after it raised guidance and Salesforce stock jumping 13% following better-than-expected results.
Tickers: $ANF $CRM $META $NVDA
Topics: Meta settlement Nvidia earnings PCE inflation data stock market