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<p class="has-drop-cap">After Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium, three major tech and automotive stocks are capturing investors’ attention. Tesla (NASDAQ: TSLA), General Motors (NYSE: GM), and Nvidia (NASDAQ: NVDA) are all experiencing notable movements and developments that could significantly impact their future performance.</p>
<h3 id="tesla-gains-as-powell-signs-potential-interest-rate-cut-in-september">Tesla Gains as Powell Signs Potential Interest Rate Cut in September</h3>
<p>Tesla’s stock is gaining momentum as anticipation builds for a <a href="https://tokenist.com/powell-signals-end-of-rate-hikes-wall-street-surges/" rel="noopener noreferrer nofollow" class="deco-link">potential interest rate cut</a> in September. The market currently gauges a 65.5% probability of a 25 basis point rate cut, according to the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" aria-label=" (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">CME FedWatch Tool</a> and a 100% probability of a rate cut.<br><br>Lower interest rates could make Tesla’s electric vehicles more affordable for consumers, as most cars are purchased through financing. Despite being down 12.20% year-to-date, Tesla’s stock was up 3.56% to $218.16 as of 11:53 AM EDT, with a market cap of $696.938 billion. <br><br>The company’s shares have gained about 17.5% over the past three months, suggesting investors have largely priced in the expected September rate cut.</p>
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<h3 id="gm-gains-on-autonomous-vehicle-partnership-with-uber">GM Gains on Autonomous Vehicle Partnership with Uber</h3>
<p>General Motors is making waves with its announcement of a <a href="https://edition.cnn.com/2024/08/23/business/uber-robotaxi-gm-cruise/index.html" target="_blank" aria-label="multi-year partnership (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">multi-year partnership</a> between its Cruise autonomous vehicle unit and Uber. <br><br>Starting next year, Uber riders will be able to choose trips using Cruise’s autonomous vehicles. This partnership comes as Cruise attempts to make a comeback after halting operations due to a major accident in San Francisco last year. <br><br>GM’s stock was up 3.86% to $48.25, with a market cap of $54.232 billion. The company’s year-to-date return stands at an impressive 35.09%, and analysts have set a one-year target estimate of $56.06, indicating potential further upside.</p>
<h3 id="nvidia-surges-on-strong-demand-and-bullish-outlook-ahead-of-earnings">Nvidia Surges on Strong Demand and Bullish Outlook Ahead of Earnings</h3>
<p>Nvidia continues to dominate headlines as it prepares to release its July quarter earnings report. Evercore ISI analysts are advising investors to buy Nvidia stock, dismissing recent concerns over Blackwell delays as “overdone.” <br><br>The company is experiencing strong demand, with a 20% quarter-on-quarter surge in hyperscale capital expenditure in Q2 2024. Nvidia’s stock was up 3.39% to $127.94, boasting a staggering year-to-date return of 158.38% and a market cap of $3.147 trillion. Evercore has raised its target price on the stock from $145 to $150.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em><br></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/stocks-to-watch-today-tesla-gm-and-nvidia/">Stocks to Watch Today: Tesla, GM, and Nvidia</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: Tesla, GM, and Nvidia

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