Biggest S&P 500 Movers on Monday

Decliners

• Technology was the weakest-performing sector, with stocks in the semiconductor industry posting significant losses ahead of Nvidia's (NVDA) earnings report on Wednesday. Shares of storage and server provider Super Micro Computer (SMCI) posted the heaviest losses of any stock in the S&P 500, tumbling 8.3%. In its most recent quarterly report, released in early August, Supermicro missed earnings expectations as lower margins weighed on profits. The firm also announced a 10-for-1 stock split.

• Chipmaker Broadcom (AVGO) said it partnered with Hitachi Vantara, a data storage subsidiary of the Japanese conglomerate Hitachi, to collaborate on hybrid cloud solutions designed to help companies scale up AI-related processes. However, Broadcom shares could not escape the downward pressure in the chip industry, falling 4.1% on Monday.
  
• Meanwhile, shares of memory chip designer Micron Technology (MU) sank 3.8% after Needham trimmed its price target on the stock to $140 from $150. Analysts cited a flat outlook for shipments of Micron's DRAM and NAND memory products.

Advancers

• Shares of human resources software provider Dayforce (DAY) notched Monday's top performance in the S&P 500, jumping 4.0%. Last week, Dayforce announced the launch of a new employee training tool with AI capabilities designed to optimize the learning process. In its most recent quarterly report, the firm exceeded sales and profit forecasts, boosted by strong demand for its payroll and human capital management (HCM) services.
• Jack Henry & Associates (JKHY) shares gained 2.6% after the financial technology company declared a regular quarterly dividend of 55 cents per share. Based on Monday's closing price, the payout equates to a forward dividend yield of 1.3%.
• Shares of oil and gas exploration firm EOG Resources (EOG) added 2.5% on Monday. Analysts at Zacks Equities Research recently highlighted EOG as a strong value stock, noting the company's solid earnings metrics and suggesting that unexploited premium locations could boost EOG's production outlook.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

Chip Stocks Fall Ahead of Nvidia Earnings Report

Semiconductor stocks 澳洲幸运5官方开奖结果体彩网:lost ground Monday, ahead of the latest financial results from Nvidia (NVDA),🌳 due for release after the markets close Wednesday.

Nvidia shares finished 2.3% lower Monday, giving back some of the stock's big gains Friday that came amid 澳洲幸运5官方开奖结果体彩网:rising expectations for the company's results. Other chip stocks also lost ground, with the 澳洲幸运5官方开奖结果体彩网:PHLX Semiconductor Sector Index (SOX) falling 2.5% Monday.

Nvidia has been a key contributor to the record-setting run for U.S. stocks in 2024, with high expectations for the company's AI-fueled growth underpinning massive gains. In June, Nvidia 澳洲幸运5官方开奖结果体彩网:briefly surpassed Microsoft (MSFT) as the world's most valuable company by market cap♍italization.

Given the chipmaker's 澳洲幸运5官方开奖结果体彩网:outsized influence in major 🏅indexes, a big mov💛e in its stock price would affect the broader market.

Shares of Nvidia partner Micron Technology (MU) sank Monday as well, falling nearly 4% as Needham reportedly trimmed its price target on the sto♊ck to $140 from $150. Analysts cited a flat outlook for shipments of Micron's DRAM and NAND products.

Other chip stocks that slipped Monday included Lam Research (LRCX) and Advanced Micro Devices (AMD), which lost 3.4% and 3.2%, respectively.

-澳洲幸运5官方开奖结果体彩网:Michael Bromberg

What to Expect from Salesforce Earnings This Week

Nvidia isn't the only big tech earnings report this week, as Salesforce (CRM) will also be reporting on Wednesday after the closing b🅺ell.

Investors will watching for improving operating margins and updates on 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) initiatives.

Analysts project revenue to grow to $9.24 billion from $8.6 billion a year ago, according to estimates compiled by Visible Alpha. Net income is expected to be $1.34 billion, or $1.3ღ6 per share, a rise from the year-ago period but down from the previous quarter.

Salesforce shares were up 0.5% in recent trading, and are essentially flᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚat since the start of🔯 2024.

Read the full 澳洲幸运5官方开奖结果体彩网:earnings preview here.

-澳洲幸运5官方开奖结果体彩网:Naomi Buchanan

Shares of Temu Parent PDD Plunge

U.S.-traded shares of Chinese e-commerce company PDD Holdings (PDD) plunged Monday after the parent of discount marketplace Temu 澳洲幸运5官方开奖结果体彩网:reported second-quarter sales that came in below analysts' expectations.

"Looking ahead, revenue growth will inevitably face pressure due to intensified competition and external challenges," PDD vice president of finance Jun Liu said. "Profitability will also likely to be impacted as we continue to invest resolutely."

Rival Alibaba (BABA) also reported quarterly earnings that 澳洲幸运5官方开奖结果体彩网:missed analysts' estimates earlier this month as the online retailers struggle with a weak Chinese economy and amid reports that Amazon (AMZN) has begun 澳洲幸运5官方开奖结果体彩网:pitching Chinese suppliers on a new section of its website that would sell low-cost clothes and♕ home goods to U.S. consumers directly from China.

PDD 澳洲幸运5官方开奖结果体彩网:American Depositary Receipts were down 28% in recent trading, leading Nasdaq decliners, to their lowest level in nearly a year.

-澳洲幸运5官方开奖结果体彩网:Nisha Gopalan

Nvidia in the Spotlight Ahead of Earnings Report Wednesday

The event that investors are most eagerly awaiting this week is the release of Nvidia's (NVDA) earnings report on Wednesday.

The stock, which was slightly higher ahead of the🔯 bell on Monday, has gained 43% from its early-August low, helping lead a broader-market rally in recent weeks.

Nvidia shares have been bolstered in recent weeks by bullish Wall Street coverage and 澳洲幸运5官方开奖结果体彩网:growing earnings forecasts. The company, which has blown past expectations for both revenue and earnings in recent quarters, is under pressure to deliver another blockbuster 澳洲幸运5官方开奖结果体彩网:quarterly report.

The share price has recently consolidated within a rectangle formationꦺ, indicating a continuation of the chipmaker’s move higher. 

Nvidia shares may encounter support around $116 and $97, but face 🧸resistance near $136 and $170.

Read our full 澳洲幸运5官方开奖结果体彩网:technical analysis piece here.

-澳洲幸运5官方开奖结果体彩网:Timothy Smith

Stock Futures Point to Slightly Higher Open for S&P 500, Dow

Futures tied to the Dow Jones Industrial Av🌸erage were up 0.1%.

S&P 500 futures were up 0.1%.

Nasdaq 100 futures were down 0.1%.