Wall Street climbs as investors focus on Nvidia results
Paramount Global slips after Bronfman abandons bid
Super Micro falls as Hindenburg discloses short position
S&P 500 +0.25%, Nasdaq +0.34%, Dow -0.02%
Updated at 2:10 p.m. EDT/1810 GMT
By Noel Randewich
Aug 27 (Reuters) -The S&P 500 rose on Tuesday in mixed trading ahead of a highly anticipated quarterly report from Nvidia on Wednesday and economic data expected later in the week.
The benchmark S&P 500 .SPX and the Nasdaq .IXIC seesawed between gains and losses, with the focus on results on Wednesday from Nvidia NVDA.O, the heavyweight chipmaker at the center of Wall Street's rally in AI-related stocks.
Nvidia's shares were last up 2%, and it was the most traded company on U.S. stock exchanges, according to LSEG data.
Up 161% in 2024, Nvidia is viewed as the biggest winner so far from AI technology, and its results follow recent concerns about increases in already hefty spending by Microsoft MSFT.O, Alphabet GOOGL.O and other heavyweights in their race to dominate emerging AI technology.
"There's a really, really high bar to clear for not just Nvidia's earnings and guidance, but the story they tell about the state of AI that kind of lifts the tech sector out of its recent funk," said Ross Mayfield, investment strategy analyst at Baird.
The Dow Jones Industrial Average .DJI dipped after closing at a record high on Monday for the first time in more than a month, on optimism about lower borrowing costs starting next month following U.S. Federal Reserve Chair Jerome Powell's endorsement last week.
The S&P 500 was up 0.25% at 5,630.64 points.
The Nasdaq gained 0.34% to 17,786.32 points, while the Dow Jones Industrial Average was down 0.02% at 41,233.93 points.
Of the 11 S&P 500 sector indexes, six rose, led by information technology .SPLRCT, up 0.81%, followed by a 0.47% gain in financials .SPSY.
Data on Tuesday showed U.S. consumer confidence rose to a six-month high in August, while consumers also became more anxious about the labor market after the unemployment rate jumped to near a three-year high of 4.3% last month.
Investors will look to July Personal Consumption Expenditure data due on Friday for additional hints about the path of rate cuts.
Traders are now betting on an interest rate cut of either 25 or 50 basis points in September, according to CME Group's Fed Watch tool.
Meanwhile, UBS Global Wealth Management raised the odds of a U.S. recession to 25% from 20%, citing weakness in the labor market.
Paramount Global PARA.O slid almost 6% after Edgar Bronfman Jr. abandoned his bid for the company, clearing the way for Skydance Media to take control of Shari Redstone's media empire.
Tesla TSLA.O fell 1.5% after Canada said it will impose a 100% tariff on the imports of Chinese electric vehicles. The duties apply to all EVs shipped from China, which would include those made by Tesla.
Super Micro Computer SMCI.O lost 2.6% after short seller Hindenburg Research said it had a short position in the AI server maker.
The PHLX Housing index .HGX lost 1.1% after data showed single-family home prices fell in June as higher mortgage rates weighed on demand.
The S&P 500 posted 43 new highs and 1 new low; the Nasdaq recorded 46 new highs and 49 new lows.
Reporting by Noel Randewich in Oakland, California; Additional reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Shounak Dasgupta and Matthew Lewis
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.