Aug. 28 Market Report: 0.04% Move, NVIDIA Holds No. 1 Spot
All 27 major U.S. large-cap stocks were trapped within a daily fluctuation range of ±0.04%.
This is the record for the New York Stock Market on August 27, 2026. According to market data, the top gainers were Oracle and Palantir at +0.03%, while the top loser was Eli Lilly at -0.04%. Given that the S&P 500 ETF (SPY 766.08) and Nasdaq 100 ETF (QQQ 711.37) closed flat, this was a day where the market lost all sense of direction. The protagonist waiting in the wings for a comeback is NVIDIA's earnings.
A Tug-of-War Within a 0.04% Range
The settlement tables of the top market-cap stocks show the trend of stagnation in numbers.
| Stock | Price | Change | Market Cap | PER |
|---|---|---|---|---|
| NVIDIA | 209.66 | -0.02% | 5.08T won | 32.6 |
| Apple | 313.45 | +0.01% | 4.57T won | 36.0 |
| Alphabet A | 342.00 | -0.01% | 4.18T won | 17.2 |
| Microsoft | 496.37 | +0.01% | 3.69T won | 27.6 |
| Amazon | 260.28 | -0.00% | 2.81T won | 21.0 |
| TSMC | 417.69 | +0.00% | 2.17T won | 31.1 |
| Broadcom | 355.59 | -0.00% | 1.69T won | 59.2 |
| Meta | 576.14 | +0.01% | 1.47T won | 21.7 |
| Tesla | 345.82 | -0.01% | 1.37T won | 323.2 |
| Micron | 938.40 | +0.01% | 1.06T won | 21.1 |
| Oracle | 148.87 | +0.03% | 0.43T won | 25.5 |
| Palantir | 177.50 | +0.03% | 0.43T won | 151.7 |
NVIDIA retained its No. 1 spot with a market cap of 5.08T won despite a slight decline of -0.02%. The gap with No. 2 Apple (4.57T won) is 0.51T won. Alphabet's Class A (342.00) and C (339.10) shares both posted -0.01%, but the low valuation terrain of a PER between 17.0 and 17.2 remains unchanged. Microsoft (3.69T won) and Amazon (2.81T won) treaded water.
A divergence in temperature is also visible within the semiconductor sector. While TSMC (+0.00%) and Broadcom (-0.00%) paused, Micron and Intel rose by +0.01% each, and Cisco (+0.01%) also moved in the same direction. On the downside, NVIDIA and Exxon Mobil recorded -0.02%, following Eli Lilly with the steepest drop. This implies there was no reason to exert force, whether buying or selling.
Commonalities of the Top Two Gainers
Where the smart money flowed is exactly how the market read the day. Oracle (148.87) and Palantir (177.50) share the common denominator of being direct beneficiaries of AI demand through cloud infrastructure and data analysis. This can be interpreted as software and infrastructure wallets opening up while hardware kept silent.
Palantir's PER is 151.7, the second most expensive multiple after Tesla (323.2). However, given that its recorded EPS growth rate reaches 22,857.1%, the speed of profit expansion offsets the valuation burden. Oracle's PER was 25.5, virtually the same as the S&P 500 ETF's 25.8. The fact that it was an AI-linked stock cheaper than the market average is presumed to be the basis for the day's gains.
Same Stagnation, Different Temperatures
Stock prices may be stalled, but their valuations are polar opposites. Alphabet recorded the lowest profit multiple among mega-cap tech stocks with a PER of 17.2 and an EPS growth rate of 3,419.4%. In contrast, Tesla carries a PER of 323.2 despite an EPS growth rate of -4,709.0%, indicating performance regression. Meta (-256.0%) and Exxon Mobil (-1,454.1%) also show the trend of declining profits remaining in the data. This widening valuation gap appears to have delayed the market's directional choice.
Representatives of the low-PER faction are Berkshire Hathaway (12.7) and JPMorgan (15.3). While the thousands-of-percent EPS growth rates likely reflect a low base effect, the direction is clear. Confident capital did not move in either growth or value stocks, and the result—stagnation across all stocks—is the data's diagnosis.
NVIDIA Earnings End the Wait
The next trigger is NVIDIA. A wait-and-see mood is confirmed in the domestic market as well. On the 28th, as the KOSPI fell over 1% due to foreign selling and large-cap semiconductor and bio stocks showed weakness, some raised the scenario of a return of semiconductor funds after earnings. Straight News reported a view stating, "While funds may return to semiconductors after NVIDIA's earnings announcement, it is necessary to broaden investment targets to other sectors such as retail, distribution, securities, and shipbuilding."
Stagnation is ultimately a postponed choice. If NVIDIA (PER 32.6) justifies its multiple with earnings, a re-rating of the entire semiconductor value chain connecting TSMC (31.1), Micron (21.1), and ASML (58.8) will follow; if it disappoints, a shift to low-PER safe assets like Alphabet and Berkshire will become the fork in the road for the subsequent market.
NVIDIA's recorded EPS growth rate is 6,599.3%. Whether this trend continues is likely to determine the direction of the index. A market holding its breath inevitably starts moving again the moment it receives the answer in the form of earnings.
