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Stock Market Today: S&P 500, Nasdaq in record close ahead of Nvidia earnings

Published 2024/05/21, 02:08
Updated 2024/05/21, 22:10
© Reuters

Investing.com-- The S&P 500 and Nasdaq closed at record highs Tuesday as the intraday dip in tech was bought ahead of eagerly awaited earnings from AI-darling Nvidia due Wednesday.      

At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 66 points, or 0.2%, while S&P 500 rose 0.3%, while NASDAQ Composite added 0.2%.

Tech sector adds gains ahead of Nvidia earnings

Tech climbed after struggling for direction earlier in the day as investors continue to weigh quarterly earnings ahead of Nvidia's results due Wednesday.

Palo Alto Networks (NASDAQ:PANW) fell nearly 4% cutting the bulk of earlier losses eve as  analysts flagged that the cybersecurity firm's latest billings forecast disappointed elevated expectations.

Nvidia (NASDAQ:NVDA) traded just above the flatline as the AI bellwether gears up to report results that many expect will top expectations.

"We expect NVDA will again beat expectations and raise the bar with guidance," Wedbush said in a recent note, highlighting several factors including robust demand for the chipmaker's various product offering. 

Microsoft Corporation (NASDAQ:MSFT) rose nearly 1% ahead os its presentation Tuesday, where many on Wall Street are eagerly awaiting an update on its latest AI developments.

More Fed cues awaited amid rate uncertainty

Federal Reserve Governor Christopher Waller continued to echo recent remarks from Fed speakers on holding rates at current levels, saying further evidence that inflation is slowing would be needed before backing a rate cut.  

"[I]n the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy," Waller said Tuesday. 

Macy's benefits from turnaround plan

The retail sector was also be in the spotlight Tuesday, due to earnings from Lowe’s (NYSE:LOW) and Macy’s (NYSE:M).

Macy's stock 5% after the department store chain lifted its adjusted earnings per share forecast for the full year, as its turnaround plan unveiled in February started to bear fruit.

Lowe's stock fell nearly 3% after the home improvement retailer reported a drop in quarterly sales on Tuesday, as inflation-hit Americans cut back on big-ticket discretionary home improvement projects.

AutoZone (NYSE:AZO) stock fell 3% after the auto parts supplier reported its domestic same-store sales in the quarter remained flat from a year earlier.

Ether continues to rally on ETF optimism

Ether continued its rally on Tuesday, rising more than 8% on amid ongoing hopes that the Securities and Exchange Commission could deliver a decision on spot ether exchange-traded funds applications this week.

(Peter Nurse, Ambar Warrick contributed to this article.)

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