Stocks Mixed as Investors Await Nvidia Earnings, Labor Market Data

August 23, 2023: Stocks were mixed on Wednesday as investors awaited critical economic data, including the Labor Department’s monthly jobs report and earnings from chipmaker Nvidia.

The Dow Jones Industrial Average was down 0.2%, the S&P 500 was up 0.1%, and the Nasdaq Composite was up 0.4%.

Investors were also looking ahead to the Federal Reserve’s meeting next week, where policymakers are expected to discuss the pace of interest rate hikes.

Here are some of the top stories on Wall Street today:

Nvidia earnings: The chipmaker is expected to report earnings after today’s bell. Analysts expect the company to post earnings of $1.80 per share on revenue of $8.1 billion.

Labor market: The Labor Department will release its monthly jobs report on Friday. Economists are expecting the information to show that the economy added 375,000 jobs in August.

Defense stocks: Defense stocks rose after the Biden administration announced a new military aid package for Ukraine. The package includes $300 million in weapons and ammunition.

Nike stumbles: Nike shares fell after the company reported weaker-than-expected earnings. The company said that COVID-19 lockdowns hurt sales in China.

Takeaways:

• Investors are awaiting critical economic data, including the Labor Department’s monthly jobs report and earnings from chipmaker Nvidia.
• The Federal Reserve is expected to discuss the pace of interest rate hikes at its meeting next week.
• Defense stocks rose after the Biden administration announced a new military aid package for Ukraine.
• Nike shares fell after the company reported weaker-than-expected earnings.

The market is mixed as investors await critical economic data and earnings reports. Investors will closely watch the Federal Reserve’s meeting next week.