Updates prices throughout, adds new analyst quote

By Chibuike Oguh and Lawrence White

NEW YORK/LONDON, Aug 28 (Reuters) -Global equity markets eased while the U.S. dollar rebounded on Wednesday ahead of the release of chipmaker Nvidia's quarterly earnings results after the bell as well as economic data later this week.

The Dow Jones Industrial Average .DJI fell 0.33% to 41,114.58, the S&P 500 .SPX lost 0.52% to 5,596.38 and the Nasdaq Composite .IXIC was down 0.94% at 17,588.69.

Europe's benchmark STOXX index .STOXX climbed 0.33% while Japanese stocks .N225 closed 0.22% higher. MSCI's gauge of all stocks across the globe .MIWD00000PUS was 0.50% lower at 826.61.

Nvidia's NVDA.O market value has ballooned, thanks to its dominance of the computing hardware behind artificial intelligence. The stock price is up some 3,000% since 2019 and with a market capitalisation of $3.4 trillion, a move in its share price affects the broader market. It was last down 2.2% at $125.46.

The chipmaker's second-quarter revenue will likely double, though even that may disappoint expectations. Options pricing shows traders anticipate a near 10% - or $300 billion - swing in market value, likely the largest earnings move of any company, ever.

"Everyone is thinking about Nvidia's earnings later today," said Michael Ashley Schulman, chief investment officer at Running Point Capital in Los Angeles, adding that there was perhaps more apprehension about the numbers than about Federal Reserve Chair Jerome Powell's Jackson Hole speech last Friday.

"As Nvidia goes, that's an indicator for the rest of the technology industry. And technology as an industry is an indicator for the rest of the market because many sectors are now technology dependent."

Any disappointment in Nvidia's results could hurt megacaps and other semiconductor stocks, which have led 2024's rally on the prospect of AI integration boosting corporate profits.

"People don't want to make a major move ahead of a large announcement, and Nvidia's announcement is considered large," Schulman added.

A preliminary estimate of second quarter U.S. gross domestic product is due on Thursday. The Fed's preferred inflation measure - the core personal consumption expenditures (PCE) index - will be released on Friday.

Markets, which are fully priced for a 25 basis point U.S. interest rate cut next month, see just over 100 basis points of easing by the end of the year. FEDWATCH

The yield on benchmark U.S. 10-year Treasury notes US10YT=RR, which moves inversely to the price, rose 0.6 basis points to 3.839%.

"The good news is all pretty much priced in whether that be Powell's promise more or less to cut rates in September and the fact that we're now pricing a soft landing again," said David Spika, chief markets strategist at Turtle Creek Wealth Advisors in Dallas.

"The economic data has been supportive of the fact that the economy is not falling apart."

After a recent run of declines, the dollar was advancing. The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, gained 0.49% to 101.09, with the euro EUR= down 0.61% at $1.1116.

Gold prices were hurt by the stronger U.S. dollar with spot gold XAU= down 0.91% at $2,501.63 an ounce and U.S. gold futures GCc1 flat at $2,516.

Oil prices fell on concerns about Chinese demand and risks of a broader slowdown. Brent crude futures LCOc1 traded 0.43% lower at $79.21 a barrel, while U.S. West Texas Intermediate crude CLc1 futures fell 0.53% to $75.14. O/R

Reporting by Chibuike Oguh in New York and Lawrence White in London, Editing by Bernadette Baum, Kirsten Donovan

To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets