Dow, S&P 500 edge up as rate-cut bets firm; energy stocks rise
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PDD Holdings slumps after quarterly revenue miss
Oil companies up on supply disruption fears, Middle East tensions
Dow hits intraday record high
Indexes: Dow up 0.42%, S&P 500 up 0.11%, Nasdaq off 0.20%
Updated at 9:58 a.m. ET/1358 GMT
By Johann M Cherian and Purvi Agarwal
Aug 26 (Reuters) - The Dow and the S&P 500 inched up in choppy trading onMonday as markets cemented bets on an imminent rate cut by the Federal Reserve and awaited Nvidia results later in the week, while energy stocks were boosted after crude oil prices jumped.
The blue-chip index led gains among peers and hit an intraday record high as marketswelcomed U.S.Federal Reserve Chair Jerome Powell's comments on Friday, when he said "the time has come" to lower borrowing costs in the light of diminishing upside risk to inflation and moderating labor demand.
The main indexes rallied more than 1% in the previous session, with the benchmarkS&P 500 .SPX also nearingrecord highs. Rate-sensitive small caps .RUT logged their strongest day in six week as equities continued to pare losses from the market rout in early August.
Odds of a 25-basis-point rate cut stand at69.5%, while thoseof a 50-bps cut are at30.5%, according to the CME Group's FedWatch tool.
"The name of the game is the Fed. They did what the markets anticipated, so that's good news that they're going to start the easing cycle," said Thomas Hayes, chairman at Great Hill Capital LLC.
Attention will turn to the gross domestic product estimates for the second quarter and July'sPersonal Consumption Expenditure data, the central bank's preferred inflation gauge, due later in the week.
At 9:58 a.m. ET, the Dow Jones Industrial Average .DJI was up 171.49 points, or 0.42%, at 41,346.57, the S&P 500 .SPX was up 6.01 points, or 0.11%, at 5,640.62, and the Nasdaq Composite .IXIC was down 36.60 points, or 0.20%, at 17,841.20.
A majority of the S&P 500 sectors advanced, led by a 1.7% rise in Energy .SPNY stocks, which hit a one-week high as crude prices jumped nearly 3%. Reports of production stoppages in Libya piled on to fears of supply disruptions from the Middle East as thegeopolitical conflict continued.
As earnings season draws to a close, chipdesigner and AI-favorite NvidiaNVDA.O, whose results are scheduled on Wednesday, traded up 0.4%.
Markets have been less forgiving this quarter of highly valued megacap stocks, which spearheaded the excitement around artificial intelligence.
They will scrutinize Nvidia's earnings to justify the stock's more than 160% year-to-date jump, which pushed its market cap value to No. 2, just below that of Apple AAPL.O, as of Friday's close.
"The two concerns and risks are going to be their (Nvidia's) gross margins... and their guidance," Hayes said.
Results from Dell DELL.N, Salesforce CRM.N, Dollar General DG.N and Gap GAP.N are expected throughthe week.
Limiting gains on the tech-heavy Nasdaq, U.S.-listed shares of PDD Holdings PDD.O sank 26.8% after the Temu-owner missed market expectations for second-quarter revenue.
Boeing BA.N slipped 0.40% after NASA picked SpaceX over the planemaker's Starlinerto return its astronauts from space next year.
Advancing issues outnumbered decliners by a 3.28-to-1 ratio on the NYSE, andby a 1.64-to-1 ratio on the Nasdaq.
The S&P index recorded 78 new 52-week highs and no new lows, while the Nasdaq recorded 108 new highs and 10 new lows.
Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai
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