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US stocks steady as Wall Street eyes Nvidia earnings
Wall Street eyes Nvidia earnings
Wall Street indexes were flat at the open on Wednesday as investors awaited quarterly earnings from chipmaker Nvidia and fresh inflation data to chart the future of interest rates and the Fed’s next move.
The S&P 500 traded just below breakeven, as did the Dow Jones Industrial Average and the Nasdaq Composite.
Wall Street is watching Nvidia to gauge the broader sustainability of the tech and artificial intelligence (AI) business.
The semiconductor giant’s stock has surged 159% through 2024, raising questions about how much room it has to run.
Key points of interest to investors include Nvidia’s Blackwell chip delivery schedule and an update on AI demand.
Market participants are also awaiting data on personal consumption expenditures, the Fed’s preferred inflation gauge, due out on Friday.
Foot Locker shares fall after lackluster Q2 report
Foot Locker shares fell more than 5% in premarket trading after the company reported lackluster second-quarter results.
The company lost 5 cents per share on revenue of $1.9 billion. Analysts surveyed by LSEG expected a loss of 7 cents per share on revenue of $1.89 billion. The company also reiterated its full-year earnings guidance.
The retailer posted same-store sales growth for the first time in six quarters.
Berkshire Hathaway Inc. has resumed selling its shares in Bank of America Corp. The Omaha-based conglomerate sold about 24.7 million shares of the bank in separate sales for $981.9 million on Friday, Monday and Tuesday, according to a regulatory filing.
Billionaire Warren Buffett’s Berkshire Hathaway Inc. surged past $1 trillion in market value for the first time. It becomes the first non-tech company to be valued at that amount.
Berkshire’s stake in Bank of America fell to 11.6% after the latest round of sales. The group unloaded more than $5 billion of the bank’s shares in a selling spree that began in mid-July.
