What’s likely to move the market

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What’s likely to move the market

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 30, 2024. 

Brendan McDermid | Reuters

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Here’s what CNBC TV’s producers were watching as the three major averages started September on a losing note, and what’s on the radar for the next session.

Nvidia

• On Tuesday,
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  lost more market value than any other stock in a single day: $279 billion. That’s a big number. CNBC’s man at the NYSE Bob Pisani notes this is the fifth time the stock has lost more than $200 billion in market cap in a single day, but Tuesday’s action takes the cake.
• The stock lost 9.5%.
• It is now down 23.3% since June 20. It is up, however, 118% in 2024.
• The stock is down another 2% after hours. The action comes after
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  reported that the Department of Justice is taking a closer look at antitrust concerns for Nvidia.

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Nvidia’s performance in the past five days

VanEck Semiconductor ETF

Dividend stocks

• This part of the market held up OK on Tuesday. The
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  fell 0.4% on Tuesday, and hit a 52-week high early in the session.
• Some might call the dividend yield on this ETF low. It’s 2.4% as of Tuesday night.

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SPDR S&P Dividend ETF (SDY) one-day performance

Utilities

• The S&P Utilities Sector finished flat on Tuesday, but it hit a new 52-week high earlier in the day.
• The sector is paying a 3% dividend, as of Tuesday’s close.
• When interest rates go down, some investors look to utilities which generally pay a decent dividend.
• If you look at the utilities sector going back to March 2022 — as rates started to rise — it is up 7% since then.
• The Relative Strength Index of the sector is 71. Some traders might think this reading suggests the utilities sector is overbought, but it doesn’t necessarily mean that it’s guaranteed to fall.
• In the last month,
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  is the sector’s top performer. It’s up 14% in that *******.
• PG&E is up 8.3% in a month.
• Constellation Energy is up 6.4% in a month.
• At the bottom of the pile: ********* Water Works is off 2.6% in the past month, while AES is down 2.2%. Evergy is down nearly 0.8% in a month.

Mortgage applications

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Champion Homes in the past month

Big Oil

• The S&P Energy sector was a bit of a downer Tuesday, losing 2.4%. It is now 9.4% from the April high.
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  was the biggest drag, down 6% on Tuesday. 
• EOG Resources and Halliburton were down 4% in the session.
• Exxon Mobil dropped 2.1% during the day. Chevron fell 2.2% and ConocoPhillips fell 3.46%.
• CNBC’s Pippa Stevens will pick up coverage on Wednesday.
• Brent and WTI are both down 4% in a month.
• The S&P Energy sector is flat in that same time *******.
• Oneok and Targa are up 15% in a month. Williams Companies is up 8% in that time.
• APA, Halliburton and SLB are the laggards: All three are down about 6% in a month.

Ahead of the NFL

• CNBC’s Contessa Brewer will look at the gambling stocks on Wednesday as we close in on the first game of the football season.
• The Kansas City Chiefs play the Baltimore Ravens on Thursday at 7 p.m. ET on NBC and Peacock.
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  is down 22% since Feb. 12, the day after the Super Bowl. The stock is down 32% from the March high.
• Flutter is 3% in the same time *******. The stock is 9% from the March high.
• MGM Resorts is down 22% since then. Caesars Entertainment is down 19% in that time *******. MGM is 25% from the April high, and Caesars is down 35% from the September high.
• By the way, on Thursday’s “Squawk Box,” CNBC will release a much-awaited list of how much NFL teams are worth. Don’t miss it. It’s going to be big.

Dollar Tree reports

• The report comes out before the bell Wednesday morning.
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  reported last week, and it wasn’t pretty.
• Dollar General shares tanked after the company issued its results last Thursday. The stock was up 1% Tuesday, but it’s still down about 33% in a week.
• Dollar Tree is 45% from the March high. Shares are down 14% in a week.

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#Whats #move #market

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