TheDrop Market Analysis, 8/22/24

As the U.S. stock market braces for a critical announcement from Fed chair Jerome Powell, most stocks have cooled.

All index funds are down as investors are selling due to pressures from the Fed cutting rates. The Dow is down 0.43%, the S&P 500 is down 0.89%, and Nasdaq is down 1.67%. These margins are not particularly bad considering how the market is stabilizing after days of being constantly bullish.

This has led to most if not all companies to drop by small amounts as selling pressure grows. Nvidia is down 3.70%, Tesla is down 5.65%, and AMD is down 3.87%, to name a few.

However, one company in particular emerged victorious at the end of today's market close: Zoom. Zoom's latest earnings report illustrating extremely positive results which crushed expectations significantly, increasing its share price by almost 13%. Also, Tesla competitor Lucid has grown by 7.5% today because of a weakened Tesla stock, and its efforts to push its new EV models in North America.

It is important that all shareholders listen to Fed chair Powell's announcement on new cut rates, as it could make or break their returns.