TheDrop Market Analysis, 8/26/24

The stock market is shaping up to be a chaotic week.

The Dow is up to an all-time high of over 41,240 points, while both the S&P 500 and the Nasdaq are down. As Nvidia is prepping for its pivotal earnings report this Wednesday, many tech companies slide as investors have optimism but also much fear, especially in the AI industry.

This recent event has also poured into many large tech companies all across the board. Tesla is down 3.23%, Nvidia is down 2.25%, Apple is down 0.6% (accounting for after-hours), Microsoft is down 0.79%, and Amazon is down 0.87%. AMD, Nvidia's competitor who should be growing as Nvidia falls, has fell alongside its rival, falling 3.22%. This presents a major problem for AI in the industry.

The company PDD witnessed a very dramatic downfall today after news of its company Temu falling short in revenue estimates. Carl Icahn's own stock fell by a whopping 11% today after news of him illegally inflating his assets. Many Chinese-powered technology stocks such as Intel plummeting following news of a large Canadian tariff on Chinese EVs.

On the good side, XPeng skyrockets after its CEO raises his stake in the company. Additionally, Suncorp grows after positive earnings report.