The Buzz on Business for August 29th 2024 

Artificial Intelligence giant NVIDIA reported 2^nd Quarter financial results after the bell on Wednesday and the numbers exceeded expectations along every dimension and in every detail. 

For the quarter, the company reported earnings per share of $0.68 on revenue of $26.3 billion. The Street was expecting EPS of $0.64 on revenue of $28.8 billion. Last year at this time, Nvidia reported EPS of $0.27 and revenue of $13.5 billion. 

The company also guided higher for the third quarter. The company expects revenue of $32.5 billion versus Street expectations of $31.9 billion. 

As has become a Wall Street tradition of late, NVIDIA’s blowout numbers were met with a wave of selling in the overnight session. The stock was down over 6.0% immediately after the announcement. Go figure! 

Stock Market Report 

Stocks opened lower, sold off throughout the day but rallied a bit into the close to finish off their lows of the day. Volume expanded but remained below average as investors and traders braced themselves for the NVIDIA earnings report. 

• The Dow Jones Industrials had been down over 400 points but managed to close at 41,091, off 0.40% or 159 points. 

• The S&P 500 was off 0.60%, that’s a loss of 34 points and it closed at 5,592. 

• The NASDAQ Composite had a tougher go of things. It was down over 1.1% and closed at 17,556, off 199 points. 

• And the small caps were not immune from all the selling. The Russell 2000 gave up 0.70%, that’s 14 points on the Russell, and it closed at 2,189. 

Bond Market Report 

Rates were mixed, mostly higher, mostly little changed. 

• The yield on the 2-year treasury was down 4 basis points and stands at 3.867%. 

• The 20-year was up ticks and closed at 4.225%. 

Oil, Gold, and Bitcoin 

• Oil was down for the second straight day on some bearish news. It was off $0.80, and a barrel now changes hands at $74.73. 

• Gold was off $18.40, and a troy ounce will now set you back $2,542.00 even. 

• And Bitcoin had a rough day. It’s had a rough week! It was down another $3,193.15 and at 4:00 PM ET stood at $58,972.90 

PCE Complex and Unemployment Claims: Key Economic Indicators to Watch 

The PCE Complex begins rolling out this morning, although the headline numbers will be released tomorrow. 

Today, we expect Initial and Continuing Claims for Unemployment. The Street expects Initial Claims to hold steady at 232,000 and for Continuing Claims to tick up, just a bit, to 1.870 million from 1.863 million a week ago. 

We also expect the Gross Domestic Product Report for the second quarter, later this morning. Expectations are that the economy grew at a2.8% annual rate, a sizable increase over the 1.4% rate last quarter. 

All of us here at the Ministry of Truth will be gathered around the telescreens as all of this data is released and will work well into the night so we can report it all to you, tomorrow, here on the Buzz.