- The S&P 500 neared new highs as investors prepared for Nvidia’s earnings report on Wednesday.
- Meanwhile, Federal Reserve Chairman Christopher Waller outlined that there would need to be several months of good data before any rate cuts begin.
- Cryptocurrency prices were volatile on Tuesday as the market got excited about the potential approval of the EtherSpot ETF.
The S&P 500 closed at a record high Tuesday as investors geared up for Nvidia’s long-awaited earnings report.
The Nasdaq Composite Index also hit a new all-time high, continuing a record rally that began mid-last week following the April inflation report.
Excitement over the artificial intelligence slugger, who will report first-quarter results on Wednesday, has lifted the index so far this week.
For now, the chipmaker has a reputation for leading the overall stock market rally, and traders are eyeing this announcement as the next big catalyst heading into the summer. The company expects quarterly sales to be $25 billion, four times higher than the same period last year. Stock prices were little changed on Tuesday.
Meanwhile, investors are keeping an eye on new comments from Federal Reserve officials this week. After the consumer price index showed some easing in April, the market is once again pinning its hopes on a possible rate cut this year.
Tuesday brought a long lineup of speakers. In the discussion, Fed Director Christopher Waller said that “several months” of good data would need to be released before making any policy changes.
Meanwhile, cryptocurrencies also recorded significant gains, led by Ethereum, which rose 9%. That’s because investors are focused on the possibility that the EtherSpot ETF will be approved this week.
Here are the U.S. indices as of Tuesday’s close at 4 p.m.
Here’s what else happened today:
In Commodities, Fixed Income and Cryptocurrencies:
- West Texas Intermediate crude fell 1.4% to $78.65 a barrel, while the international benchmark Brent crude dropped 1% to $82.86 a barrel.
- Gold was almost flat at $2,424.9 an ounce.
- The yield on the 10-year U.S. Treasury note fell more than 2 basis points to 4.412%.
- Bitcoin fell 2.9% to $69,350.
