- NASDAQ:NVDA fell by 0.90% during Friday’s trading session.
- NVIDIA is slapped with a $5.5 million fine from the SEC.
- AMD has set the bar high for chip makers for the rest of the year.
NASDAQ:NVDA had another choppy session on Friday, flipping between red and green throughout the day. Shares of NVDA inched lower by 0.90% and closed the trading week at $186.75. It was another losing day for the US markets as all three major averages closed lower for the second straight session. The Dow Jones fell by 98 basis points to post its sixth consecutive losing week. The S&P 500 dropped by 0.57% and the NASDAQ lost 1.40% en route to its first five-week losing streak since way back in 2012.
Stay up to speed with hot stocks' news!
It was announced on Friday that NVIDIA would be fined a sum of $5.5 million by the SEC. The fine is for providing inadequate disclosures to its shareholders about how many graphics cards were actually sold to cryptocurrency miners. The allegations are from NVIDIA’s 2018 financial reports and essentially caused NVIDIA’s sales numbers to be artificially inflated by the boom of crypto mining. The SEC claims this would have made investing in NVIDIA riskier than it would have been if the company was clear about benefiting from sales to crypto miners.
NVIDIA stock forecast
The recent earnings from AMD (NASDAQ:AMD) have catapulted the company to the top of the list for tech stock picks amongst analysts. The 71% growth in sales was impressive and the completion of its acquisition of Xilinx has helped AMD excel in new markets like automotives and 5G mobile networks. AMD is rolling right now, and if NVIDIA doesn’t report earnings that can compare to AMD, we could see its stock take a tumble when it reports.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD advances toward 1.1200 on renewed US Dollar weakness
EUR/USD is extending gains toward 1.1200 on Friday, finding fresh demand near 1.1150. Risk sentiment improves and weighs on the US Dollar, allowing the pair to regain traction. The Greenback also reels from the pain of the dovish Fed outlook, with Fedspeak back on tap.
Gold hits new highs on expectations of global cuts to interest rates
Gold (XAU/USD) breaks to a new record high near $2,610 on Friday on heightened expectations that global central banks will follow the Federal Reserve (Fed) in easing policy and slashing interest rates.
USD/JPY recovers to 143.00 area during BoJ Governor Ueda's presser
USD/JPY stages a recovery toward 143.00 in the European morning following the initial pullback seen after the BoJ's decision to maintain status quo. In the post-meeting press conference, Governor Ueda reiterated that they will adjust the degree of easing if needed.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.