CNBC Business News Update - Market Open: Stocks Rebound, Nvidia Edges Lower After Earnings, Buy-Now-Pay-Later Stocks Proves To Be A Screaming Buy

Episode Date: August 29, 2024

The latest on Wall Street and stocks on the move, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks are rebounding from yesterday's slide, even as market bellwether NVIDIA edges lower following its quarterly results. The Dow is up 221 points at 41,313, the S&P 500 adding two-thirds of 1 percent, or about 38 points, and the Nasdaq jumping 193 points, or 1.1 percent. NVIDIA shares are down about 3%. The company did report better than expected profit and revenue, but the size of that beat was smaller than it had been in prior quarters. With the major averages rebounding from yesterday's slide, the Nasdaq has rejoined the Dow and S&P 500 in positive territory for August. Craig Johnson, chief market technician for Piper Sandler, is pleased that investors are now looking beyond the so-called Magnificent 7 stocks for opportunities.

Right now, you come back and you look at a lot of these Mag 7 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 a mag seven. Shares of buy now, pay later company Affirm Holdings are soaring 33 percent after Affirm issued better than expected revenue guidance for the current quarter. On the opposite side of the spectrum, retailer Dollar General shares are slumping 27 percent after worse than expected earnings and reduced guidance. And electronics retailer Best Buy up 16% after the company raised its full-year outlook.

Peter Schach now, CNBC.