8/28/24

US stocks slide ahead of Nvidia earnings

Markets trimmed some losses from early trading on Wednesday but still ended with a down day. S&P 500 moved lower by 0.6%. Nasdaq 100 was off 1.2%, and Russell 2000 dropped 0.7%.

The two-year Treasury yield slipped lower by 3 basis points, hitting its lowest closing level since May 2023.

S&P 500 sectors were mostly down. Tech was the worst performer as the sharp losses of Super Micro Computer dragged the sector down by 1.4%. Once an AI darling, Super Micro Computer closed down 18.8%, wiping out more than $6 billion in market cap. Super Micro delayed its 10-K report filing one day after Hindenburg Research alleged the company had accounting issues, among other problems.

Financials and Health Care were the only two S&P sectors in the positive territory, adding 0.2% and 0.1%, respectively.

Nvidia was down 2.1% at the closing bell, along with the rest of Magnificent Seven stocks. The stock was off as much as 4.4% during intraday trading. In a week with minimal economic data, the chip giant’s earnings on Wednesday evening will not only indicate how sustainable the AI gold rush is, but may also assert an outsized influence on the whole market.

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Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

Matt Phillips10m

markets

1h

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season-pass sales heading into the fall. The nine-week period ending August 31 saw 17.8 million guests, up about 2% from the same stretch in 2024, with stronger momentum in the final four weeks.

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up around 3%.

The good vibes come despite a drop in in-park per capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant extended a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down around 52% year-to-date.

markets

3h

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

markets

J. Edward Moreno

3h

Moderna, Pfizer dip after WaPo reports Trump officials’ plan to link Covid vaccines to child deaths

Vaccine makers are falling after The Washington Post reported that the Trump administration plans to link the coronavirus vaccine to 25 child deaths.

Moderna and Pfizer, the two companies who sell the vaccine in the US, fell by more than 5% and 2%, respectively. The coronavirus vaccine is virtually the only revenue driver for Moderna, while Pfizer has a larger and more diverse portfolio.

Trump officials to link child deaths to covid shots, alarming career scientists

DEVELOPING PROBLEMS

Concerns about rising government debt are not strictly an American problem

Global government debt piles are swelling to record levels. That’s an issue for many nations, but developing countries may be most at risk.

Closeup rolled of variety banknote and multi currency around the world. Exchange rate and Forex investment concept.-Image.

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