Investors were bracing for Nvidia’s earnings report. The focus is on how these results and a possible interest rate cut will affect the market in the near term.
Wall Street falls this Tuesday, with the Dow Jones Industrial Average moving away from the historical highs it was able to achieve the day before, while investors prepare for a Major earnings report to be released this Wednesday.
He Dow Jones down 50 points, or 0.1%. S&P 500 fell 0.3%, while the Nasdaq Composite fell 0.4%.
On Monday, the Dow broke away from the broader market and hit record intraday and closing highs. S&P 500 and the Nasdaq struggled as tech stocks fell.
Wall Street waiting for Nvidia
Investors are eager to know the results of Nvidiaone of the main beneficiaries of artificial intelligence, to be announced on Wednesday.
Nvidia shares fell nearly 1% on Tuesday. Nvidia has become a leading bellwether for tech stocks and AI in general, and investors will be looking to its second-quarter results to gauge the health of the AI business.
nvidia
Reuters
Stocks are also trying to find stable ground after a brutal start to the month. However, investors have become more optimistic after Federal Reserve Chairman Jerome Powell signaled Friday that the central bank’s next move will be to cut benchmark interest rates. Powell did not specify when, or by how much, interest rates will be cut.
Traders are unanimously expecting a rate cut of at least 25 basis points at the central bank’s Sept. 17-18 policy meeting, according to data from CME Group’s FedWatch tool.
Source: Ambito
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