Here are the top stories to read ahead of Wednesday’s trading:
Latest Updates
Before the opening bell.
Dick’s Sporting Goods
Dollar Tree
Hormel Foods
Ciena
Core & Main
After the close.
Copart
Hewlett Packard Enterprise
Casey’s General Stores
C3.ai
Credo Technology
AeroVironment
ChargePoint
Sprinklr
Verint Systems
Here are some of the potential market catalysts due Wednesday for traders to consider:
8:30 a.m. Eastern. U.S. trade deficit for July.
10:00 a.m. U.S. job openings (JOLTS) for July.
10:00 a.m. U.S. factory orders for July.
12:00 noon. Atlanta Fed GDPNow update.
2:00 p.m. Federal Reserve Beige Book.
4:30 p.m. API weekly crude oil stock.
How are stock-index futures trading:
S&P 500 futures are down 0.4%.
Dow Jones Industrial Average futures are off 0.2%.
Nasdaq 100 futures are dipping 0.6%.
On Tuesday, the Dow Jones Industrial Average fell 626 points, or 1.51%, to 40,937, the S&P 500 declined 119 points, or 2.12%, to 5,529, and the Nasdaq Composite dropped 577 points, or 3.26%, to 17,136.
Futures indicate Wall Street will struggle to recover any ground from Tuesday’s sharp sell-off, when revived fears about the U.S. economy and concerns about overvaluation in AI plays caused investors to dump many tech stocks, notably Nvidia which suffered a 9.5% plunge.
“A near-10% one-day decline in Nvidia’s shares and a 3.3% drop in the Nasdaq index illustrate the fragility of the market. It goes to show that everything was not back to normal after markets quickly rebounded from their summer wobble, even thought it might have looked fine on the surface,” says Russ Mould, investment director at AJ Bell.
“The latest US manufacturing figures weren’t as good as expected, acting like a gust of wind to topple the house of cards and once again put markets into reverse amid fears about the strength of the economy…[and] compounding the latest market sell-off were reports the U.S. Justice Department sent subpoenas to Nvidia and other companies as it steps up antitrust investigations into AI chips,” Mould adds.
Nvidia’s shares are a touch lower again in premarket action.
