The major stock market eased Tuesday morning as investors await artificial intelligence giant Nvidia‘s (NVDA) earnings Wednesday. Cava Group (CAVA) sank on the stock market today on insider selling.
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The Dow Jones Industrial Average dipped 0.1% after closing at a record high Monday. The Nasdaq composite pulled back 0.2% and tested its 50-day moving average. The S&P 500 trimmed 0.1% on the stock market today. Indexes came off opening lows.
In small-cap stocks, the Russell 2000 gave back 0.8%. Volume was lower on the Nasdaq and the New York Stock Exchange vs. the same time Monday.
In the bond market, the 10-year Treasury yield rose four basis points to 3.86% Tuesday. U.S. crude oil fell to $76.56 a barrel.
Stock Market Today: Nvidia Rises As Earnings Loom
IBD 50 stock Nvidia rose 0.2% following Monday’s more than 2% drop. Investors are biting their nails in anticipation of the company’s fiscal second-quarter earnings report due late Wednesday. Nvidia stock is in an irregular base with a buy point of 140.76, according to IBD MarketSurge charts. And an early entry can be seen at 136.15.
Expectations couldn’t be higher for Nvidia’s numbers. After four straight quarters of earnings growth topping 400%, its Q2 profit increase is expected to moderate to around 141%. Nvidia sales growth is also expected to temper from three quarters of more than 200% growth to 113% in its second quarter.
Cava Group (CAVA) plummeted more than 6% in huge volume on news the company disclosed Artal International’s sale of 6 million shares worth around $732 million in a secondary offering.
In separate news, Cava Chief Executive Brent Schulman and other executives disclosed sales of the stock. The transactions locked in profits following a Friday gain of 19.6% and a Monday gain of 3.1%, which came in the wake of the company’s blowout second-quarter earnings report that topped estimates. Profit swelled 183% as revenue grew 35%.
The Mediterranean-themed restaurant stock has climbed around 170% this year so far and reached an all-time high Monday.
Stock Movers: Eli Lilly Lifts On Weight-Loss Drug News
Eli Lilly (LLY) gained 1.4% on news it released a new form of its weight-loss drug Zepbound for roughly half the price in an attempt to attract patients without medical insurance. The IBD Leaderboard stock is near record highs after bolting higher following its positive second-quarter earnings report on Aug. 8.
Lilly’s news caused Hims & Hers (HIMS) to sink more than 5% on the stock market today. The online generic prescription provider sells a similar version of the drug.
Super Micro Computer (SMCI) trimmed morning losses to around 3% in heavy trading, after a Hindenburg short-sell report accused the company of accounting manipulation. Shares fell further below their 200-day moving average.
Costco Wholesale (COST) bumped up 0.8% and reached the 896.67 buy point of a cup base on the stock market today. Shares are in the 5% buy zone that extends to 941.50.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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