Week of 08/21-08/25 Nvidia Earnings Breaks the Market Losing Streak

Robert - stock.adobe.com

The stock market broke its third weekly losing streak by climbing higher due to tech companies rising despite economic uncertainty. Bonds continue to climb and treasury yields are closing in around 4.3% which are historic levels not seen since the last financial crisis. Nvidia stock, which is up over 200% this year, posted record earnings that brought their price over 500 dollars per share after hours on Wednesday. The chipmaker has recently exploded with a surge in demand over artificial intelligence and its price target forecasts have been recently increased to upwards of 700 dollars per share for the end of the 2023. Toll Brothers luxury home builder beats estimates on their earnings report, showing that home buyers are still strong despite the rise in interest rates. On the other hand, Peloton reached an all time low by falling over 25% and Foot Locker had a 34% stock price decline after earnings. Investors are looking forward to the next Federal Reserve meeting in September 19-20 with hopes of a pause on interest rates.