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Thursday's big stock stories: What's likely to move the market in the next trading session

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 28, 2024. 
Brendan McDermid | Reuters

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Here's what CNBC TV's producers were watching as a decline in Nvidia shares weighed on the S&P 500 Wednesday and what's on the radar for Thursday's session.

Three big tech stocks to watch Thursday morning

  • Nvidia is down about 7% after hours after reporting its quarterly report. CNBC TV's man at the NYSE Bob Pisani called it when he said early Wednesday morning that it was getting harder for Nvidia to impress Wall Street as the beats become more narrow. Profit and revenue more than doubled from the same quarter a year ago, topping Wall Street estimates. Still, the stock is selling off in extended trading. Nvidia is about 11% from the June high.
  • Salesforce is up 4% after hours. The company beat expectations in its fiscal second quarter, and it hiked guidance. The seemingly always optimistic CEO Marc Benioff told CNBC's Jim Cramer exclusively tonight that "now we can really show how companies can use AI
 it's amazing what's going on." He cited several customers that are using Salesforce's new Agentforce technology including OpenTable and Wyndham Hotels. The stock remains 19% from the March 1 high.
  • CrowdStrike is down more than 2% after reporting earnings this afternoon. Fiscal second-quarter results were better than expected, but the cybersecurity giant cut guidance. There is still a lot of angst still about the stock after July's massive IT outage. CEO George Kurtz is on with "Mad Money" man Jim Cramer on Thursday at 6 p.m. Eastern. The stock is 33% from the July high.

The Great American Bond Market and what's next

Intel's CEO Pat Gelsinger speaks at Deutsche Bank's tech conference

  • CNBC TV's Seema Mody is watching this one.
  • Intel shares are down 4.5% in three days.
  • In August, Intel is down 36%.
  • The stock is now 62% from the Dec. 27 high.

Walgreens

  • CNBC stock man Tom Rotunno spent a lot of time on Walgreens on Wednesday. 
  • The stock hit a new 52-week low. It ended the day at $9.38, down 0.74% in the session.
  • The relative strength index shows the stock is "oversold" with an RSI of 29. A reading of 30 or lower indicates a stock may be oversold, but that doesn't mean it's guaranteed to reverse the losses.
  • The stock hasn't been this low since October 1996. That's a long time ago. Back then, "Macarena" was the top song on the Billboard Hot 100.
  • The one-year mark since CEO Roz Brewer stepped down is coming up.
  • The stock is down about 64% in 2024.
  • According to FactSet, four out of 20 analysts think the stock is a buy or rate it overweight. Twelve deem it a hold, and four say it's a sell or rate it underweight.
  • Competitor CVS is down 27% this year. Twelve analysts call it a buy or are overweight on the name, and 15 rate it a hold. There are no sell ratings on the stock. CVS is 31% from the 52-week high.

The Great American Consumer

  • There are lots of quarterly reports from retailers due Thursday.
  • American Eagle is down 9% in the past three months. The stock is 18% from the March high.
  • Best Buy is up 21% in three months. The stock is 6.3% from the June high.
  • Burlington Stores is up 36% over the past three months. Shares are 2.6% from the high hit Tuesday
  • Dollar General is down 13% in the last three months. The stock is 26% from the March high.
  • Gap is up 10% in three months. The stock is 27% from the June high.
  • Lululemon is down 12% in three months. It's down 50% from the high hit in late December.
  • Ulta Beauty is down 3.75% in three months, 36% from the March high.

Gold vs. bitcoin

  • The "Fast Money" traders weighed in Wednesday night. Guy Adami led the pack, saying that "gold has separated itself from bitcoin."
  • For some time, many have said the two assets shared similar attributes and advantages for investors and holders.
  • Gold is up 7% in a month.
  • Bitcoin is down 13% in a month.
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