CNBC Business News Update - Market Open: Cautious Trading Ahead Of Nvidia Results, Kohl's Rallies On Results, Foot Locker Shares Stomped

Episode Date: August 28, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks are little changed as investors await quarterly earnings results from chipmaker and market bellwether NVIDIA. The Dow Jones Industrial Average is down by six points at 41,244. The S&P 500 is flat, as is the Nasdaq Composite. NVIDIA's results will be out after this afternoon's closing bell, and Olivier Blanchard, senior research director at the Futurum Group, expects NVIDIA's dominance in artificial intelligence chips to continue to boost the bottom line. They have basically the lion's share of the GPU market particularly, which is so important to AI inference and training.

Two, there's high demand for their products specifically and for their type of product. And supply is constrained. So you have a perfect storm of high revenue, high profitability, and I think they're going to have excellent, excellent results. Among stocks on the move this morning, Kohl's is up 2.1 percent. The retailer reported better than expected quarterly results and raised its full-year profit forecast as it successfully controlled costs and kept inventories lean. Several more retailers are not faring quite as well. Foot Locker shares are down 8.6 percent. The athletic footwear and apparel seller did see its profit beat forecasts, but it kept its full-year outlook unchanged. And Abercrombie & Fitch is slumping 9.3 percent, despite better-than-expected earnings

and a raised outlook. Abercrombie shares, however, had been up about 89 percent this year prior to today. Peter Schach now, CNBC. How did a master cybercriminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.