CNBC Business News Update - Market Close: Stocks Fall, Nvidia Beats But Not By A Blowout, Crowdstrike Sees Revenue Hit From Outage

Episode Date: August 28, 2024

The latest in business/financial news and the markets and how it impacts your money - reported by CNBC's Peter Schacknow.

I'm Peter Schach, now CNBC. The most widely anticipated earnings report of the week is finally out. NVIDIA earned 68 cents per share for its latest quarter, 4 cents above estimates. The chipmaker also reporting better than expected revenue and giving an upbeat forecast. But Nicole Webb, senior vice president at investment firm Wealth Enhancement, says that may not be enough for investors used to NVIDIA's previous blowout quarters. When the earnings beats are narrowing, the street is less impressed. I think until there's more clarity around movement outside of the hyperscalers, obviously adoption from

finance, from health care, from the consumers, like we started to hear from Walmart, that's the next leg. And so I think the more we learn about these higher, even higher margin products, right, this next gen, next wave, that's what moves us higher. Ahead of the NVIDIA numbers, investors were clearly showing some nerves with the major averages lower for most of the session, although they did come off session lows in the last half hour of trading. The Dow fell 159 points to close at 41,091. The S&P 500 lost six-tenths of a percent, or 34 points. And the Nasdaq dropped 199 points, or 1.1%. Now that NVIDIA earnings are in the books, economic data is likely to dominate investor attention in the day ahead. The Labor Department will issue its weekly look at first-time claims for jobless benefits.

They're expected to decline slightly. The government is out with its second look at second-quarter economic growth. And we'll get another retail sector snapshot with earnings out in the morning from Best Buy and Dollar General. Ulta Beauty and clothing retailer Gap will issue their latest profit numbers in the afternoon. Peter Schach now, CNBC. September 10th, CNBC.