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US stocks were steady on Tuesday as investors await heavily anticipated earnings results from Nvidia (NVDA), set for release after the bell on Wednesday.
In afternoon trading, the tech-heavy Nasdaq Composite (^IXIC) climbed back from earlier lows to rise 0.1% after finishing Monday’s session at a record high. The benchmark S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) each rose about 0.2% and 0.1%, respectively.
Nvidia’s upcoming report is expected to spur a big move in its share price and jumpstart stocks more broadly. A gain in the AI chipmaker’s price contributed to the Nasdaq’s record high on Monday.
In the meantime, a wave of quarterly reports from retailers offered some insights into the state of the consumer and health of the economy.
Lowe’s (LOW) sales dropped less than expected as cash-strapped Americans continued to spend on small repairs, while Macy’s (M) shares gained after the department store chain’s earnings beat a low bar.
Investors have also listened closely to speeches from Federal Reserve officials as a dearth of economic releases starves the rate-cut debate of fuel. Fed governor Chris Waller said Tuesday he needs to see several more months of favorable inflation data before lowering rates, echoing the higher-for-longer policy stance of other central bank leaders in recent weeks.
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