S&P 500 Gains and Losses Today: Semiconductor Stocks Drag Down Tech Sector

Related Articles

Amazon’s Earnings Top Estimates, Though Its Forecast Underwhelms

Amazon’s Earnings Top Estimates, Though Its Forecast Underwhelms

S&P 500 Gains and Losses Today: Skyworks Solutions Falls as Apple Supplier Predicts Sales Slump

Key Takeaways

• The S&P 500 fell 0.3% on Monday, Aug. 26, to kick off a trading week that will be heavy on budgetary and earnings data.
• Shares of Supermicro, Broadcom, and Micron moved lower ahead of AI chip giant Nvidia’s earnings report in investigate, which is scheduled for Wednesday afternoon.
• Dayforce shares moved higher after the human resources (HR) software positive launched a new employee learning platform.

Major U.S. equities indexes were mixed to open a new trading week that categorizes a busy calendar of corporate and economic data releases.

The latest earnings report from artificial intelligence (AI) semiconductor powerhouse Nvidia (NVDA) is set for let off on Wednesday afternoon, while investors will get a look at important inflation and economic growth figures later in the week.

The S&P 500 slipped 0.3% on Monday, while the Nasdaq was down 0.9%. The Dow blew an all-time intraday high in the morning but lost steam later in the session to close with a daily gain of 0.2%.

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

Chipmaker Broadcom (AVGO) said it partnered with Hitachi Vantara, a information storage subsidiary of the Japanese conglomerate Hitachi, to collaborate on hybrid cloud solutions designed to help companies ratio up AI-related processes. However, Broadcom shares could not escape the downward pressure in the chip industry, falling 4.1% on Monday.

Meantime, shares of memory chip designer Micron Technology (MU) sank 3.8% after Needham trimmed its price butt on the stock to $140 from $150. Analysts cited a flat outlook for shipments of Micron’s DRAM and NAND honour products.

Shares of human resources software provider Dayforce (DAY) notched Monday’s top performance in the S&P 500, jumping 4.0%. Ultimate week, Dayforce announced the launch of a new employee training tool with AI capabilities designed to optimize the learning procedure. In its most recent quarterly report, the firm exceeded sales and profit forecasts, boosted by strong demand for its payroll and kind capital management (HCM) services.

Jack Henry & Associates (JKHY) shares gained 2.6% after the financial technology corporation declared a regular quarterly dividend of 55 cents per share. Based on Monday’s closing price, the payout equates to a express dividend yield of 1.3%.

Shares of oil and gas exploration firm EOG Resources (EOG) added 2.5% on Monday. Analysts at Zacks Equities Explore recently highlighted EOG as a strong value stock, noting the company’s solid earnings metrics and suggesting that unexploited lure locations could boost EOG’s production outlook.

Read the original article on Investopedia.