TheDrop Market Analysis, 8/29/24

Following a highly anticipated earnings report, the markets fluctuated in different yet equally surprising ways.

The highlight of today's market is most definitely Nvidia, the company which millions expected to release for weeks to even months. The company once again beat expectations in both earnings per share and company revenues, but by not enough for many investors. The Daily Drop predicted a rise in Nvidia share price today, yet it performed quite the opposite: downwards. This earnings report highlights the heavy market greed in the market, even if markets perform well. It is a great time to boy Nvidia now, however, since it is so low.

On the contrary, the rest of the market performed moderate to bullish. Without the lingering fears of Nvidia's earnings report, index funds and most large companies reported increasing share prices today. The S&P 500 and the Nasdaq were stagnant today, while the Dow and the Russell were bull-bearers. AI and tech companies from Fiverr to Tesla to Apple saw growth, even Nvidia's competitor AMD. To the surprise of almost everyone, the tech store company Best Buy shot up through the roof in a combination of both an easing market after the Nvidia report, and an extremely positive earnings report which indicating reversing deficits in the company.

Other than the unfortunate Nvidia, some companies did also see dips. Dollar Tree, a company which is becoming outcompeted by other retail brands such as Dollar General and even Walmart, plummeted by more than 10% due to a failed earnings report. Also, the beforementioned Dollar General fell down with its competitor, also reporting a failed earnings report. The stock subsequently fell by over 30 points! Investors blame Walmart, which has tried consolidating its share of the retail industry over the past years, beating the likes of the "Dollar Duo" Dollar Tree and Dollar General.