CNBC Business News Update - Markets Midday: Stocks Rally, Pending Home Sales Fall, Clothing Retailer Gap Sees Shares Rise After Earnings

Episode Date: August 29, 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 rallying in a reversal of yesterday's slide, which came ahead of the widely anticipated quarterly earnings report from chipmaker Nvidia. The Dow is surging 335 points to 41,426. The S&P 500 adding 40 points or three-quarters of one percent. And the Nasdaq with a one percent gain or 178 points. The Dow is currently on pace to set a record closing high. As for NVIDIA, the chipmaker's shares are down about 3%

after it reported better than expected quarterly numbers. The Wolf Research senior analyst Chris Casso notes it was not the typical blowout quarter that NVIDIA has reported in the past. The magnitude of the beat is a little bit less than what we've seen in some quarters. It's about two and a half percent over consensus for the guidance. But, you know, what was clear is that that demand is still well ahead of supply. Supply is still coming, and that's what's allowing revenue to grow into the second half. Pending home sales, a measure of home sale contracts signed but not yet closed, fell 5.5% in July. The National

Association of Realtors says pending home sales are now at the lowest level since it began tracking them in 2001. Shares of retailer Gap are up 2.5% after the parent of clothing chains Gap, Old Davie, and Banana Republic reported better than expected quarterly sales and profit. Gap released its results early. They had originally been scheduled after today's closing bell. Peter Schach now, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cndc.com slash Jim's Club.