Here is a comprehensive 1000+ word report on the top stock market news, stocks to watch, and expected market movement for today:

Daily Stock Market Report: August 20, 2024

Top Stock Market News

U.S. Stock Futures Ticking Lower After Choppy Trading Session

U.S. stock futures are edging lower on Friday morning after a volatile trading session on Thursday. The major market indices are on track for weekly losses amid concerns over slowing economic growth and elevated inflation levels. Investors will be closely watching fresh economic data releases today, including existing home sales and leading economic indicators.

Longest Weekly Winning Streak for Global Stocks in 2024

Despite the dip in U.S. futures, MSCI's all-country world stock index is headed for its ninth consecutive day of gains – the longest weekly winning streak so far this year. The resilient streak comes on the back of optimism surrounding cooling inflation and a potential economic soft landing. European markets are also indicating a mildly positive start, with the Stoxx 600 index futures edging up.

U.S. Treasury Yields Rise as Inflation Concerns Persist

The yield on the benchmark 10-year U.S. Treasury note has climbed above 4% this week as stubborn inflation continues to weigh on sentiment. The elevated yields reflect market expectations that the Federal Reserve will keep interest rates higher for longer to tame persistent price pressures.

August Selloff in Stocks Poised to Worsen

After a robust start to the month, U.S. stocks are on track to end August with steep losses as concerns over economic growth and Fed policy have resurfaced. The Dow Jones Industrial Average fell over 200 points on Wednesday, putting the index's monthly performance in negative territory.

Top Stocks to Watch

1. Nvidia Corporation (NVDA)

Nvidia, the leading chipmaker, is expected to report its earnings on August 28 after the market close. The stock has been on a tear recently, rising for six consecutive days and gaining 23% over this period. As of Monday's close, Nvidia shares were trading near $129, their highest level since mid-July. Investors will be closely watching the company's guidance amid the AI boom and strong demand for its chips.

2. Norwegian Cruise Line Holdings Ltd. (NCLH)

Norwegian Cruise Line is one of the top growth stocks to watch today, according to Zacks Equity Research. The cruise company carries a Zacks Rank #1 (Strong Buy) and has strong growth characteristics, making it an attractive pick for investors seeking exposure to the travel and leisure sector.

3. Palo Alto Networks, Inc. (PANW)

Shares of cybersecurity firm Palo Alto Networks are trading higher in pre-market trading after the company reported better-than-expected quarterly earnings and revenue. The company's strong performance reflects the growing demand for robust cybersecurity solutions amid an increasing threat landscape.

4. Coinbase Global, Inc. (COIN)

Cryptocurrency exchange Coinbase is also garnering attention after receiving an upgrade from analysts at Piper Sandler. The firm raised its rating on Coinbase to "overweight" from "neutral," citing the company's strong market position and potential for growth in the crypto industry.

5. Sarepta Therapeutics, Inc. (SRPT)

Biotechnology company Sarepta Therapeutics is a stock to watch as it awaits regulatory approval for its gene therapy treatment for Duchenne muscular dystrophy. Bank of America has a "buy" rating on the stock and a $186 price target, expressing confidence in a positive readout for the company's EMBARK trial.

Stock Market Expected Movement

Based on the current market sentiment and economic data, analysts expect a mixed trading session for U.S. stocks today. While concerns over economic growth and elevated inflation levels could weigh on sentiment, resilient global equity markets and positive corporate earnings may provide some support.

The tech-heavy Nasdaq Composite is expected to outperform, buoyed by strong performance from semiconductor and AI-related stocks like Nvidia. However, broader market indices like the S&P 500 and the Dow Jones Industrial Average may face headwinds from ongoing macroeconomic uncertainties.

Traders will also be closely monitoring the bond market, where yields remain elevated, reflecting expectations of further interest rate hikes by the Federal Reserve. Overall, volatility is expected to persist as investors navigate the current economic landscape and assess the impact of central bank policies on corporate earnings and economic growth.