TheDrop Market Analysis, 8/30/24

To end the month of August on a good note, the final market session of the month ended well.

Following today's PCE report, index funds across the board are up. The S&P 500 and the Nasdaq ballooned at over 1% growth, while the Dow fell closely behind at 0.55% growth. The Russell also went up 0.7%.

As for individual companies, it is a mixed scenario; many positive and many negative. Nvidia ballooned in the early hours today but lost some momentum, still growing by over 1%. Tesla grew by almost 4% following days of declining share price. Lucid, the rival of Tesla, grew alongside it. AI chip companies have especially done well today. Intel, after rumors of the company exploring splitting off its manufacturing business, surged 10%; Marvell Technology Inc. skyrocketed following strong AI chip demand. Amazon, a key seller of chips and a chip maker itself, also capitalized over market sentiment favoring artificial intelligence.

But other companies did experience losses. Fiverr fell 1%, possibly due to the gains of its rival AI competitors. Dollar General and Dollar Tree continued bearish following yesterday's failed earnings reports. Other medium-sized businesses like Five Below fell after a string of bad earnings reports.

Berkshire Hathaway happily rallied today, as it is Warren Buffett's birthday.

Based on today's market analysis, it may be a good idea to consider buying technology stocks as they are showing strong growth potential. On the other hand, selling off stocks in industries heavily impacted by current events, such as earnings reports, might be a wise decision to avoid potential losses.