Market Updates
U.S. Movers: Dick's Sporting Goods, Dollar Tree, Nvidia, Tech Stocks
Scott Peters
04 Sep, 2024
New York City
Wall Street indexes are posting the worst losses since the steep market loss on August 5 as chip stocks continue to underperform.
Nvidia dropped as much as 2% after a Bloomberg report noted that the U.S. Justice Department served subpoenas to the company amid a widening investigation of its antitrust practices.
AMD, Qualcomm, Micron Tech, and other chipmakers were down following the decline in Nvidia.
Meta Platforms, Microsoft, Amazon, and Apple declined between 0.5% and 1.4%.
Investors are preparing for more volatile days ahead in September, historically a weak month for stocks, and investors are awaiting the release of nonfarm payroll data on Friday.
Nvidia Corp. declined 1.0% to $106.91, AMD rose 2.5% to $140.48, Qualcomm added 1.2% to $165.28, and Micron Technology gained 0.5% to $89.07.
Microsoft fell 0.6% to $407.07, Meta Platforms decreased 0.3% to $510.47, and Amazon.com Inc. declined 1% to $174.39.
Dollar Tree plunged 19% to $66.20, and the deep discount retailer reported weaker-than-expected second quarter results and the retailer lowered its full-year outlook.
The company guided its full-year adjusted earnings per share to range between $5.20 and $5.60 from the previous estimate between $6.50 and $7.0.
Dick's Sporting Goods dropped 8.6% to $212.16, despite the sporting goods retailer reporting better-than-expected second quarter results and raising its full-year earnings estimate.
The specialty retailer revised its full-year earnings per share to between $13.55 and $13.90 from the previous estimate between $13.35 and $13.75.
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