Dow Jones Fades After Jobs Report; Nvidia Sell-Off Picks Up Steam As Broadcom Plunges (Live Coverage)

Blockhead09-06

The Dow Jones Industrial Average pared gains and other indexes reversed lower after a weaker-than-expected jobs report raised hopes of a big rate cut at the Federal Reserve meeting later this month. ...

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Nvidia (NVDA) reversed lower and looks poised for a test of the 100 level, while sellers hit Broadcom (AVGO) hard after earnings.\n\n\n\n↑\nX\n\n\n\n\nNasdaq Fades After Strong Start; JPMorgan, Alamos Gold, ARGX In Focus\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nNasdaq Fades After Strong Start; JPMorgan, Alamos Gold, ARGX In Focus\n\n\n\n\nNonfarm payrolls increased 142,000 in August, below the 160,000 consensus forecast. The unemployment rate ticked lower to 4.2% as expected. Hiring gains in June and July were revised down by 86,000 jobs. After the data, futures traders at CME FedWatch now think there's a 59% chance that the Federal Reserve will cut their key lending rate by 50 basis points at the Sept. 17-18 meeting.\nThe Dow Jones average erased moderate gains and was flat at 10:20 a.m. ET, although helped by early gains for Apple (AAPL), Goldman Sachs (GS) and Travelers (TRV).\nHomebuilders outperformed after the 10-year Treasury yield hit an intraday low of 3.66%. But the yield turned higher and was up one basis point to around 3.74%.\nToll Brothers (TOL), Leaderboard stock PulteGroup (PHM) and Meritage Homes (MTH) gains ranged from 2% to 3%.\nStock Market Today\nThe S&P 500 reversed lower by 0.6%, but the Nasdaq composite lagged with a loss of 1%. Losers outnumbered winners on the Nasdaq by about 8-5. Decliners were slightly ahead of advancers on the NYSE.\n\nTime The Market With IBD's ETF Market Strategy\n\nNvidia stock was down more than 2% as sellers remained in control. After plunging 7.7% last week in higher volume, Nvidia stock is down another 12% so far this week.\nAn earnings sell-off for Broadcom also weighed on sentiment. The chip giant slumped after it reported its third straight quarter of accelerating revenue growth, helped by its acquisition of VMware. But investors focused on a revenue outlook for the October-ended quarter that was mostly in-line with expectations.\nThe Nasdaq on Thursday pared a 1.2% intraday gain to nearly 0.3% by the close. The Nasdaq is in a distribution phase currently, hurt by four higher-volume declines since Aug. 22. Distribution has been less pronounced on the NYSE. Headed into Friday, the S&P 500 showed two higher-volume declines since Aug. 28.\n\nTrump Or Harris Election Sweep? Prepare For Huge Impact On Taxes, Stocks\n\nStocks On The Move\nAfter jumping 4% Thursday on takeover rumors, Smartsheet (SMAR) soared another 8% after the company reported a 175% surge in quarterly profit. Revenue increased 17% to $276.4 million. Reuters on Tuesday reported that Vista and Blackstone are in talks to acquire the software maker.\nOther earnings winners in the tech sector included Guidewire Software (GWRE), Samsara (IOT) and UiPath (PATH).\n\nGuidewire, which offers a software platform for property and casualty insurers, jumped 13% after earnings and revenue came in well above expectations. The stock gapped out of a flat base with a 153.85 entry.\nSamsara jumped 13% after the company reported another quarter of strong revenue growth. The company also raised its full-year earnings and revenue guidance. Samsara is rising past an alternative buy point at 42.49 and perhaps above Tuesday's high. Samsara provides sensors and cloud-based software to manage fleet vehicles and industrial operations.\nUiPath, which offers a robotic process automation software platform, surged early but pared gains on news that earnings fell 56% year over year. Revenue increased 10% to $316.3 million.\nFollow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight.\nYOU MAY ALSO LIKE:\nWhy This IBD Tool Simplifies The Search For Top Stocks\nCatch The Next Big Winning Stock With MarketSurge\nWant To Get Quick Profits And Avoid Big Losses? Try SwingTrader\nBest Growth Stocks To Buy And Watch\nIBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2465961506"}