You're listening to The Exchange.
Here's today's show.
And Frank, thank you.
Welcome to The Exchange, everybody.
I'm Contessa Brewer and for Kelly Evans today, that rally has just relapsed.
The Nvidia fuel has fizzled.
Stocks backtracked from green to red.
You had the NASDAQ at one point and up more than 2% at the high.
And now look at it, the NASDAQ is off by more than a percent.
The Dow's swinging 1100 points from session highs to session lows.
It's off by half a percentage point right now.
And we're seeing red across the board,
including Nvidia giving up It's 5% gain off of a remarkable earnings report,
NVIDIA's off a percent and a half.
Now, the AI trade is once again in the hot seat.
Investors are factoring in a Fed rate cut, or the lack thereof next month.
And the Fed's working with a quagmire of no data, old data, alt data.
How crucial is that cut to catalyze this market?
We are also watching Walmart.
The retail giant delivered its 45th straight quarter of comp growth But it's starting to look more like a tech stock.