August Performance: The S&P 500 ended August with a 0.6% decline on the last trading day but achieved a 1.9% gain for the month, marking its fourth consecutive monthly increase. The Dow and Nasdaq also saw slight declines, yet year-to-date performance remains strong.
Inflation Concerns: Elevated inflation, highlighted by a 2.9% core PCE, has created uncertainty regarding the Federal Reserve's timeline for rate cuts, despite optimistic signals from Fed Chair Jerome Powell.
Notable Stock Movements
Tech Sector Decline: Major tech stocks like Dell, Marvell, and Nvidia experienced declines, while MongoDB and Snowflake reported significant gains driven by strong AI-related earnings.
Upcoming Reports: Investors are keenly awaiting the upcoming PCE inflation report, which could influence expectations for a September rate cut amidst ongoing inflation and policy uncertainties.
Bullish Highlights
Defense Stocks Surge: Reports indicate that the Trump administration is considering acquiring stakes in major defense contractors such as Boeing, Lockheed Martin, and Palantir Technologies, with Lockheed earning 97% of its revenue from federal contracts.
Eli Lilly's Weight-Loss Pill: Eli Lilly's stock rose after announcing Phase 3 trial results for its oral GLP-1 pill, orforglipron, which showed an average weight loss of 10.5% among patients, boosting investor confidence.
Firefly Neuroscience's AI Platform: Firefly Neuroscience's stock jumped 31% following the launch of its AI-powered EEG platform, which utilizes Nvidia's L40S GPU to enhance brain signal data quality.
Bearish Highlights
Marvell's Stock Drop: Marvell Technology's stock fell 16% after its Q2 results were overshadowed by disappointing Q3 sales guidance, despite analysts acknowledging long-term potential in AI and optical growth.
Tesla's Trust Issues: A survey revealed that nearly half of Americans believe Tesla's Full Self-Driving feature should be illegal, with 70% favoring vehicles equipped with both LiDAR and cameras, contrasting with Tesla's camera-only approach.
Nutanix's Mixed Earnings: Nutanix's shares declined after a strong Q4 earnings report, which included revenue of $653.26 million that exceeded estimates, but investor enthusiasm waned due to concerns over subscription sales and cautious guidance.
Stock Performance Snapshot
Key Stock Prices:
Boeing (BA): $234.28, -0.80%
Eli Lilly (LLY): $730.75, -0.16%
Marvell (MRVL): $63.00, -18.4%
Nvidia (NVDA): $173.67, -3.61%
Tesla (TSLA): $333.86, -3.50%
This content was produced with AI assistance and reviewed by Benzinga editors.
AIFF
$1.41+Infinity%1D
Analyst Views on AIFF
About AIFF
Firefly Neuroscience, Inc. is an artificial intelligence (AI) technology company developing neuroscientific solutions to improve brain health outcomes for patients with mental illnesses and neurological disorders. The Company has developed its FDA-510(k) cleared Brain Network Analytics software platform (the BNA Platform) and is focused on advancing diagnostic and treatment approaches for people suffering from mental illnesses and cognitive disorders, including depression, dementia, anxiety disorders, concussions, and attention-deficit/hyperactivity disorder. The Company's Brain Network Analytics is a neurophysiological assessment tool that uses artificial intelligence and machine learning to analyze electroencephalogram (EEG) data recorded during rest and cognitive activity. The BNA Platform, in conjunction with an EEG system, provides clinicians with comprehensive insights into brain function (cognition).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
