Nasdaq Jumps As Bond Yields Fall; Tidewater, Oceaneering, Intuit Show Strength | Stock Market Today | Summary and Q&A

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August 23, 2023
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Investor's Business Daily
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Nasdaq Jumps As Bond Yields Fall; Tidewater, Oceaneering, Intuit Show Strength | Stock Market Today

TL;DR

Wednesday's market session saw a rally attempt, with the focus on Nvidia's upcoming earnings report. The NASDAQ gained 1.6%, while the S&P 500 and Russell 2000 were up 1.1%. The market is still below the 50-day moving average, suggesting a cautious outlook.

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Questions & Answers

Q: What were the major indexes' performance in Wednesday's session?

The NASDAQ gained 1.6%, while the S&P 500 and Russell 2000 were up 1.1%.

Q: What is the significance of Nvidia's earnings report?

Nvidia's earnings report is highly anticipated as it could impact the market's direction. It will be closely watched for any indications of strong performance or positive guidance.

Q: What is the market's current trend?

The market is still below the 50-day moving average, suggesting a cautious outlook. It is trying to recover from a distribution phase, but there is a lack of conviction in the buying.

Q: How did oil and gas stocks perform in the session?

Oil and gas stocks initially faced selling pressure but reversed higher. Tidewater (TDW) and Ocean Nearing (OII) are two stocks that showed strength.

Summary & Key Takeaways

  • The market saw a rally attempt, with the NASDAQ gaining 1.6% and the S&P 500 and Russell 2000 up 1.1%.

  • Nvidia's earnings report is highly anticipated as it could impact the market's direction.

  • The market is still below the 50-day moving average, indicating a cautious outlook.

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