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Stock market today: S&P 500 edges higher to new record as traders brace for Nvidia earnings

Filip De Mott   

Stock market today: S&P 500 edges higher to new record as traders brace for Nvidia earnings
  • The S&P 500 came close to breaching a new high, as investors gear up for Nvidia earnings on Wednesday.
  • Meanwhile, Fed speaker Christopher Waller outlined that several months of good data need to happen for rate cuts to start.

The S&P 500 closed at a record high Tuesday, as investors gear up for Nvidia's highly-anticipated earnings report.

The Nasdaq Composite also hit a fresh all-time high as the market extends a record-setting rally that kicked off in the middle of last week after the April inflation report.

Excitement for the artificial intelligence heavy hitter to release its first-quarter performance on Wednesday has buoyed indexes so far this week.

By now, the semiconductor manufacturer has a reputation for leading broader stock market upside and traders are eyeing the release as the next big catalyst as the market heads toward summer. The chip maker expected to report $25 billion in quarterly sales, four times the revenue scored in the same quarter last year. The stock remained largely unchanged on Tuesday.

Meanwhile, investors are tuning into fresh commentary from Federal Reserve officials this week. After April's consumer price index showed some slight easing, markets are again eager for chances of interest rate cuts this year.

Tuesday offered a long lineup of speakers. Among them, Fed governor Christopher Waller noted that "several months" of good data will have to appear before policy pivots.

Meanwhile, cryptocurrency also notched big gains, led by ethereum, which rose 9%. That's as investors warm up to the possibility that ether spot ETFs get approved this week.

Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:

Here's what else happened today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil dropped 1.4% to $78.65 a barrel. Brent crude, the international benchmark, slid 1% to $82.86 a barrel.
  • Gold stayed essentially flat at $2,424.9 per ounce.
  • The 10-year Treasury yield slipped over two basis points to 4.412%.
  • Bitcoin fell 2.9% to $69,350.

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