Nvidia Beats Big, and Powell Doesn’t Rock the Boat. Why That’s Ominous for Stocks.

Between Nvidia’s blowout earnings and an unsurprising Jackson Hole, the stock market should have gotten everything it needed to end talk of a correction. That fact that it didn’t suggests that there is probably more downside ahead.

“Fed Chair Powell delivered what we thought was a balanced assessment of the economic and monetary policy outlook at Jackson Hole,” writes Aditya Bhave, U.S. economist at BofA Securities. “As expected, he gave little forward guidance on policy, instead emphasizing data dependence.” Now, it’s all about where the S&P 500 can find support, a level where buyers step in to prop up the market. Right now, it looks to be at 4300, says Frank Cappelleri, founder of CappThesis. If that level breaks, the next stop could be near the index’s 200-day moving average around 4135, down 11% from the 2023 peak, and a fall large enough to meet the definition of a market correction.

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