CNBC Business News Update - Market Close: Stocks Mixed, Dow Sets Record High, Lululemon Cuts Sales Forecast
Episode Date: August 29, 2024The latest business and financial news and what it means for your money - reported by CNBC's Peter Schacknow ...
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I'm Peter Schach, now CNBC.
Stocks finished the day mixed after a rally that lasted most of the day faded in mid-afternoon.
The Dow gained 244 points to close at 41,335. That is a record high.
The S&P 500 was down a quarter point, essentially flat.
The Nasdaq fell 40 points, or a quarter percent.
The market's relatively steady performance comes even as NVIDIA shares
fell about 6 percent following its quarterly earnings report, which saw the chipmaker beat
estimates by a smaller margin than in prior quarters. In the past, that often portended
a negative day for the market as a whole. Craig Johnson, chief market technician for Piper Sandler,
is pleased that investors are now looking beyond NVIDIA and the rest of the so-called
Magnificent Seven. Right now, you come back and you look at a lot of these Mag7 stocks,
they're not making the same new highs like we've seen before.
You can actually find some better-looking stocks in this mid-cap world
that look a lot more constructive.
And I think that's sort of the change that's happening.
This is a market that's broadening out.
It doesn't have to be led by just the Mag7.
One of today's stock winners was cybersecurity firm CrowdStrike, up about 3%.
That follows quarterly results that were better than expected,
despite the faulty software update that prompted an outage for millions of Windows-based computer systems.
Dollar General slumped 32% as the discount retailer's earnings fell short of Wall Street forecasts,
and it cut its full-year outlook.
Peter Schach now, CNBC.
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