- Stock trading was flat as investors took a breather ahead of Nvidia’s earnings report.
- Excitement among chip makers pushed stock indexes toward records this week.
- There will be a number of Fed speakers on Tuesday, which could provide insight on monetary policy.
The stock’s most recent gains were subdued Tuesday morning as investors pulled back ahead of Nvidia’s upcoming earnings report and further announcements from Federal Reserve officials.
High expectations for the artificial intelligence technology giant have already pushed the market to new all-time highs, as evidenced recently by the Nasdaq 100 closing at a new all-time high on Monday. However, trading activity has slowed since then. Meanwhile, news that JPMorgan CEO Jamie Dimon is considering retirement weighed on bank stocks, and the Dow Jones Industrial Average is reversing losses from the previous day.
Momentum could pick up on Wednesday after Nvidia reports earnings, with the company expected to post quarterly revenue of $25 billion, four times its revenue from the same period last year. Shares have risen nearly 3% so far this week.
Among other stocks, Palo Alto Networks fell as the cybersecurity company’s outlook for the current quarter disappointed investors.
“While there are no major announcements in terms of data, there are some interesting companies reporting today, including Macy’s, Lowe’s, Urban Outfitters, AutoZone and Toll Brothers,” wrote David Morrison, senior market analyst at Trade Nation. “These could help provide insight into the health of the U.S. consumer and their willingness to splash out cash.”
There are also a number of speakers scheduled for Tuesday from the Federal Reserve, whose comments could provide insight on monetary policy. The lineup includes Thomas Birkin, Christopher Waller, John Williams, Raphael Bostic, Susan Collins, and Loretta Mester.
Here are the U.S. indexes just after the opening bell at 9:30 a.m. Tuesday:
Here’s what else happened today:
In Commodities, Fixed Income and Cryptocurrencies:
- West Texas Intermediate crude oil fell 2.5% to $77.81 a barrel. The international benchmark Brent crude oil fell 1.61% to $82.37 per barrel.
- Gold rose 1.16% to $2,429.09 an ounce.
- The yield on the 10-year Treasury note fell 3 basis points to 4.406%.
- Bitcoin rose 5.8% to $70,920.
