Stock Market Today: Stocks Erase Nvidia Gains Ahead of Powell Speech

All three main benchmarks opened solidly higher Thursday, but ended the session with notable losses.

blue stock market chart with teal bars moving lower
(Image credit: Getty Images)

It appeared early Thursday as if a positive reaction to Nvidia's (NVDA) blowout earnings was going to lift stocks across the board, with the main benchmarks climbing out of the gate. But the broad-market buying power fizzled mid-morning as investors turned their attention to disappointing economic data and the start of the Federal Reserve's annual economic symposium in Jackson Hole, Wyoming.  

Last night, Nvidia reported jaw-dropping second-quarter earnings, with revenue for the three-month period doubling on a year-over-year basis amid surging demand for its chips that power artificial intelligence (AI) technology. Additionally, NVDA said it expects third-quarter revenue to reach $16.5 billion, well above analysts' estimate for $12.5 billion in sales.

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.