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Tech Weakness Weighs on S&P 500 and Nasdaq

Fragile sentiment in the tech space weighed on broader indices as S&P 500 and Nasdaq Composite begin the final full week of August with a loss.  Semiconductors and memory stocks were the hardest hit on Monday as investors digest capital return announcement from Samsunglate last week, fret about press reports that Nvidiahas flagged price hikes, and also position for Nvidia earnings, PCE inflation, and Fed Chair Wash speech at Jackson Hole this week.  Technology and Industrials were the worst-performing sectors in the benchmark index.  In turn, Consumer Defensive names outperformed, with traders rotating into discount  retail giants that fell out of favor last week on disappointing results - Walmartwas up 2.7% and Costcowas up 2.5%.  Credit Services was also strong as Visaand Mastercardboth gained over 3% on Monday.In the opening hour of the evening session index futures are a little changed - S&P e-minis and Nasdaq 100 contracts are just above 7,670 and 29,100 respectively.   In commodities, WTI Crude Oil continues to trade in a narrow band in the mid-$80s.  Precious metals however have sustained their furious rebound - Gold prices were at 3-month highs near $4,740 and Silver is targeting a breach above $70 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Kura Oncologyup 6.3% after insider buyHerc Holdingsup 1.5% after insider buyVistraup 0.9% after insider buyBoeingup 0.4% after $131B USAF contractDOWN AFTER EARNINGS -Gorilla Technologydown 9.0%PicS N.V.down 2.7%ALSO LOWER -Daqo New Energydown 1.9% after Goldman Sachs downgradeTrade Deskdown 1.0% after mixed shelf offering

Wall Street Slightly Lower as Retail Earnings Awaited

Wall Street traded slightly lower Monday as investors awaited a heavy retail earnings slate, including Home Depot, Target, and Walmart, while geopolitical tensions and shifting Fed expectations also weighed on sentiment. The Dow Jones Industrial Average dipped about 0.3%, while the S&P 500 slipped 0.1%, and the Nasdaq Composite was slightly higher.Most economists expect the Fed to hold rates at 3.5%–3.75% through year-end, as weaker July employment, softer inflation and declining retail sales have reduced expectations for a September hike, though elevated inflation keeps a hike later in the year possible. The dollar fell to a 10-week low, reflecting doubts over whether the Federal Reserve will raise interest rates this year.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Equinoragreed toin the Lackawanna Energy Center for $940MNvidiawillin SB Energy for its Ohio data center leased to OpenAIOmniAbentered a globalwith Eli Lilly and Companythat Commerce Secretary Howard Lutnick said the White House does not want Appleto buy memory chips from ChinaArrow Electronicsexpanded its IBMdistribution coverage to2. WALL STREET CALLS:DeutscheSentinelOneto Hold following the stock's 90% rally from April lowsJefferiesof Honeywellwith a Hold ratingWorkdayto Hold at BTIG, with the firm noting shares are "priced for a buyout"CAEto Outperform at RBC CapitalPennyMac Mortgageto Buy at Deutsche, with the firm calling the recent selloff "overdone"3. AROUND THE WEB:Alibabais set to sell its entire stake in Lingxi Games to Trustar Capital for more than $2B, advancing its strategy of divesting non-core assets to focus capital and management attention on AI and cloud computing, Reuters reportsTo overhaul its Whopper, Burger Kingchanged up some of the ingredients and also hired U.S. Head Chef Amy Alarcon, the corporate chef who previously helped revamp Popeyes, WSJ saysAmazonis buying huge quantities of rare books, scanning them for AI, and destroying them, 404 Media reportsMastercardcard payments were temporarily declined on Saturday afternoon for Australian customers due to a global issue that has been resolved, Bloomberg saysNexGen Energyis sharing information and talking regularly with BHP Groupabout its Rook I mining project in Saskatchewan, CEO Leigh Curyer told Reuters4. MOVERS:Almontygains after announcing aof up to $300MH Worldincreases afterEnovixfalls after announcing theRaj TalluriEyePointlower after announcing its Duravyu Phase 3 studyGeminideclines after Goldman Sachs, Needham, Mizuho, Rosenblatt, and Cantor Fitzgeraldfollowing Q2 results5. EARNINGS/GUIDANCE:Bally's, with CEO commenting, "We delivered solid second quarter results across the enterprise"InspireMDwith EPS and revenue missing consensusPioneer Powerwith EPS and revenue lower year-over-yearCEL-SCIwith CEO Geert Kersten commenting, "This was a quarter of important progress across our clinical, regulatory and commercialization programs as we move Multikine closer to patients"DataMEDS AI, with EPS and revenue lower year-over-yearINDEXES:Near midday, the Dow was down 0.3%, or 184.62, to 53,547.79, the Nasdaq was up 0.2%, or 43.74, to 26,772.10, and the S&P 500 was down 0.1%, or 8.53, to 7,777.23.