The Weekly Stock Market Scoop See it now 8 29 2024

welcome to EG media your go-to channel for all things Financial whether you're here to learn get inspired or stay ahead of the curve we've got you covered with expert insights in-depth tutorials and the latest industry news the Dow closed at another record on Thursday it's 3rd this week while the other major averages finish the day lower as investors assessed nvidia's earnings along side data that showed the US economy grew more than expected the Dow Jones Industrial Average gained more than 200 points to finish the session at a new all-time high the tech heavy NASDAQ Composite erased earlier gains to drop about 0.2% while the S&P 500 Clos flat on the heels of losses for all three gauges stocks wavered amid wall Street's lackluster reception for the numbers from Nvidia whose Stellar growth streak has underpinned the markets rally this year while the AI chipmakers quarterly profit and revenue guidance topped estimates the size of the Beats fell short of high running hopes that started to stir questions as to whether the AI boom has peaked Wall Street remained bullish on the stock but shares still ended the day down around 6% elsewhere earnings Salesforce shares popped after a big earnings beat by the software maker Best Buy shares soared as much as 17% after the retailer posted better than expected results as its sales stabilized ized meanwhile Dollar General shares tanked more than 30% after the discount retailer cut its full year outlook and blam softer sales on cash stra customers the US economy grew at a stronger Pace than expected in the last quarter according to a reading of gross domestic product released on Thursday second quarter GDP increased at an annual rate of 3% up from a prior estimate of 2.8% weekly us jobless claims came in at 231,000 a decline from the prior week and lower than 232,000 expected by economists the market is closely watching economic data for a steer on how fast and deep the Federal Reserve will lower interest rates now that shair Jerome Powell has clearly flagged a cut is coming in September Dollar General stock is down about 30% on Thursday as the company slashed its sales guidance for the year and CEO Todd Vasa said the lower-end consumer continues to be very much financially strapped but a closer look around the retail space shows that not all value retailers are hurting from consumers who are more cautious with their dollars as Bloomberg quantitative researcher Steve huo pointed out on X while Dollar General and Dollar Tree have struggled amid an environment where it appears consumers may be trading down Walmart and Costco have blossomed Walmart shares are up more than 44% this year while Costco has risen over 35% both stocks are trading near all-time highs how reasoned on X that this Divergence sums up the current market narrative which feels particularly on point when thinking about the consumer the big and well-managed are doing better than ever and getting insane valuations while the smaller and less well-managed are getting crushed left and right how wrote the overall markets rose without the participation of AI chip heavyweight Nvidia stock failed to move higher despite a strong quarterly print shares of Nvidia fell by more than 3% on Thursday however the rest of the Magnificent Seven stocks Rose during the session along with Industrials and energy related stocks short sellers were sitting on a pile of profits on Wednesday as shares of Super Micro computer plunged the stock tanked during the session after the maker of data center servers said it would delay the filing of of its annual report for its fiscal year that ended June 30th the announcement came a day after a short seller report accused the company of accounting manipulation Wednesday's more than 24% drop in super micro stock price made short sellers more than $ 1.07 billion in midday Mark tomarket profits according to S3 Partners data smci shorts have been building their positions since smci was in the 900s in April but have really put the pedal to the metal since mid July S3 Partners head of Predictive Analytics ihor dski told Yahoo Finance on Wednesday short sellers are up more than $2.85 billion in Markt Market profits since July 15 including Wednesday's midday price move according to duvi on Tuesday Hindenberg research released a report stating its 3-month investigation found glaring accounting red flags evidence of undisclosed related party transactions sanctions and Export control failures and customer issues The Firm also disclosed it had taken a short position in super micro smci looks to rebound after this correction overall market conditions look strong for the current market well that is all for today thank you for joining the show thanks for watching if you enjoyed this video don't forget to give it a thumbs up and hit that subscribe button so you never miss out on future content and if you have any thoughts questions or suggestions drop them in the comments below we love hearing from you make sure to follow me on social media platforms for more updates and behind the scenes content until next time stay awesome and I'll see you in the next video also if you like any of the ideas discussed in this video click the link below for products available that can give your ideas for your own success