scorecard
  1. Home
  2. stock market
  3. news
  4. Stock market today: Indexes trade mixed as Nvidia-led momentum takes a break ahead of earnings

Stock market today: Indexes trade mixed as Nvidia-led momentum takes a break ahead of earnings

Filip De Mott   

Stock market today: Indexes trade mixed as Nvidia-led momentum takes a break ahead of earnings
  • Stock trades fell flat as investors take a breather ahead of Nvidia's earnings.
  • Frenzy behind the chipmaker has pulled stock indices towards records this week.

The latest rally in stocks faltered Tuesday morning, with investors stepping back ahead of Nvidia's upcoming earnings report and further communications from Federal Reserve officials.

High expectations for the artificial intelligence tech giant have already catapulted markets to new all-time highs, most recently demonstrated by the Nasdaq 1oo, which breached its closing record on Monday. But trading activity has since slowed. Meanwhile, the Dow is still recouping previous-day losses, triggered by news that JPMorgan CEO Jamie Dimon is eyeing retirement, which weighed on shares of the bank.

Wednesday could bring back momentum after Nvidia's earnings release. The chipmaker is expected to report $25 billion in quarterly sales, a fourfold increase from the revenue it scored in the same quarter last year. The stock is up nearly 3% so far this week.

Among other stock movers, Palo Alto Networks slumped as the cybersecurity firm's current quarter guidance disappointed investors.

"There's nothing significant due out in terms of data, but there are some interesting companies reporting today including Macy's, Lowe's, Urban Outfitters, Autozone and Toll Brothers," Trade Nation senior market analyst David Morrison wrote. "These could help provide insight into the health of the US consumer, and the willingness, or otherwise, to splash the cash."

Tuesday will also be saturated with speakers from the Federal Reserve, whose comments could provide insight into monetary policy. In the lineup are Thomas Barkin, Christopher Waller, John Williams, Raphael Bostic, Susan Collins, and Loretta Mester.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:

Here's what else happened today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil slumped 2.5% to $77.81 a barrel. Brent crude, the international benchmark, dropped 1.61% to $82.37 a barrel.
  • Gold gained 1.16% to $2,429.09 per ounce.
  • The 10-year Treasury yield slipped three basis points to 4.406%.
  • Bitcoin was up 5.8% to $70,920.



Advertisement