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S&P 500 retraces as the markets eye Nvidia earnings for AI demand insights

The S&P 500 index (Symbol: SP500) retraced slightly as investors turned their focus to the highly anticipated Nvidia earnings report. The tech giant, a key player in the AI space, is expected to provide insights into the demand for artificial intelligence and whether the ongoing tech rally can be sustained. We see this earnings report as vital; Nvidia earnings could influence market sentiment, especially within the tech sector where eyes are already plastered on AI news and developments. So far, the S&P 500 has seen mixed performance as it navigates through a period of heightened volatility, nearly flat with a slight decline. The chart shows a consolidation pattern, with the price hovering around key moving averages, reflecting the market’s indecision as it awaits more concrete signals from upcoming economic data and corporate earnings reports. Read more for the latest updates about the S&P 500 index.

S&P 500 index trend

Disclaimer:

For short-term traders, the focus will largely revolve around the Nvidia earnings report. A strong report could trigger a rally in tech stocks, particularly those involved in AI and semiconductors. However, any signs of weakness in Nvidia’s earnings or guidance could lead to a sell-off, not just in tech but across broader markets. As the market navigates these earnings, volatility is expected, providing potential opportunities for those looking to capitalise on short-term price movements. Risk management is advised.

Publication date:

2024-09-02 17:00:01 (GMT)

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