You're receiving this email because you're subscribed to Ring the Bell from Benzinga. To manage your subscription, click the link at the bottom of this email.

Happy Tuesday Zingernation! Summer may be coming to an end, but we’ve still got a lot to look forward to. Football’s around the corner which means it’s almost time for me to inevitably be let down by my fantasy team. Oasis may be getting back together. And tomorrow night, NVIDIA will release its highly-anticipated earnings report. But, here’s why tech stocks are selling off ahead of the report, and where to potentially put your money instead.

—Aaron Bry & Nic Chahine

Plus, check out the company that’s helping power the push toward autonomous driving.

MARKET SNAPSHOT

Yesterday: Mixed day with the Dow closing at record highs while the S&P and Nasdaq moved slightly lower. Chinese stocks got hammered with $PDD dropping around 30%.

On Our Radar: Semiconductor stocks will be in the spotlight as traders anticipate NVIDIA’s earnings report coming out tomorrow after the close.

TOP STORY

Nasdaq 100 Falls 1%, Tests 50-Day Average Support: Tech Stocks In Flux On Monday

Basically: The week started on a sour note for the Nasdaq 100, which slipped by 1%, erasing the gains made last Friday when the index rallied following Fed Chair Jerome Powell‘s hint at a possible rate cut during his much-anticipated speech at Jackson Hole.

So: Monday brought no significant news or economic data directly impacting tech stocks, reflecting a cooling of risk sentiment after the tech-heavy index had surged over 14% since its August lows. Here’s why tech stocks got hit yesterday and which names took the biggest beating.

PRESENTED BY AEVA

Aeva Technologies Making Strides With Key Partnerships In 2024

Aeva Technologies Inc. (NYSE: AEVA) seems to be firing on all cylinders in 2024, inking new supply deals, hitting milestones with existing ones and growing revenue. 

Take its recent deal with Daimler Trucks as one example. Aeva is supplying the company with advanced LiDAR sensors for its self-driving trucks. Then there’s its agreement with the sector initiative Digitale Schiene Deutschland. Aeva’s 4D LiDAR technology is being used in the AutomatedTrain project. 

Aeva is also entering new markets, hooking up with a national security company, which wants to use Aeva’s sensors to help protect critical energy infrastructure sites across the United States. And its deal to produce sensors for Nikon industrial machines to scan objects coming off an assembly line for defects is on track for the fourth quarter of 2024. With more to come, it may be worth paying attention to Aeva.

FIVE ZINGERS

Like It Never Left: Walmart has been eating Target’s lunch, but here’s
why Jim Cramer declared that ‘Target is back’.

All About The Set Up: Here’s what the technical analysis experts are saying about $NVDA’s chart ahead of tomorrow’s report.

Here We Go Again: Paramount shares dropped about 5% in premarket trading as another investor drops their bid for the flailing media company.

No More Sweet Tooth: Here’s why one Hershey’s analyst is getting bearish on the chocolate stock. And the other top analyst calls of the day.

That’s A Big Hit: Cannabis stocks are trading lower this morning as the DEA rescheduled its ruling on the drug. Here’s why it matters.

ONE FOR THE ROAD

Russell 2000 Stocks 'Trading At A Massive Discount' To Large Caps: Gabelli Funds' Kevin Dreyer

Basically: Small cap stocks are poised for a strong rally, according to Kevin Dreyer, co-CIO of Value at Gabelli Funds.

So: In a recent CNBC interview, Dreyer, who oversees the Gabelli Asset Fund (GABAX), emphasized that small caps have “a long room to run” and are increasingly becoming an attractive option for investors looking to diversify their portfolios. Here are the ETFs and names to watch for a small-cap rebound.

PRESENTED BY TRADEZERO

Trade Your Way to $30,000 Without Risking Your Own Money

You could win up to $30,000 without ever putting your own money at risk in this free competition. 

Simply sign up for Benzinga’s World Championship of Trading Powered by TradeZero - A world leading zero-commission broker. You'll get to prove your trading skills in 3 different competitions with each one lasting a month long. It's all paper-trading, your money is never on the line, and there's no entry fee.

Don't miss this chance to take home great prizes, including lifetime access to Benzinga Pro and an exclusive tour of the NYSE. Sign up Now! Click here for more information.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Future Finance: Where fintech, crypto, and the future of finance collide. Future Finance is a perfect lunch read packed with quick bites for industry enthusiasts. Subscribe here.

Cannabis Daily: A must-read daily briefing for cannabis investors, operators, and enthusiasts. Join our list of industry veterans to jump start your morning. Subscribe here.

Real Estate Weekly: Where we highlight the movers and the losers, the upgrades and the downgrades, the top stories and opportunities in the trillion dollar REIT and real asset industry. Subscribe here.

Mining Weekly: Get an insider's edge with news, analysis, and commentary on what’s shaping the mining and commodities industry that powers the global economy. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis, and news. Subscribe here.