Breaking News: S&P 500 and Dow Jones Hit Record Highs Ahead of Nvidia's Earnings Report
As the market continues to climb, the S&P 500 and Dow Jones ended higher on Tuesday, with the Dow Jones notching a record-high close. Investors are eagerly awaiting Nvidia's quarterly report on Wednesday, which could provide insight into the path of interest rate cuts. With heavyweight tech-related stocks like Nvidia, Apple, and Amazon in focus, the market is buzzing with anticipation.
Nvidia, up 159% in 2024, is seen as a major player in AI technology, with its earnings expected to set the tone for the tech sector. Analysts are closely watching for any signs of weakness in the sector, following concerns about increased spending by tech giants like Microsoft and Alphabet.
Meanwhile, data on U.S. consumer confidence and the labor market is fueling speculation about the potential pace of rate cuts. Traders are betting on a rate cut in September, while UBS Global Wealth Management has raised the odds of a U.S. recession to 25%.
In other news, Tesla faces challenges as Canada imposes a 100% tariff on Chinese electric vehicles, including those made by Tesla. Paramount Global and Super Micro Computer also saw declines, while the housing index lost ground due to falling home prices.
Overall, the market remains volatile, with investors keeping a close eye on upcoming economic data and earnings reports. Stay tuned for more updates as the market continues to react to changing conditions and events.