US Stocks Mixed as Investors Await Nvidia Earnings and Key Economic Data
U.S. stocks closed mixed on Monday, with technology shares pulling the S&P 500 and Nasdaq Composite lower, while the Dow Jones Industrial Average reached a new record high. The S&P 500 fell 0.32% to 5,616.84, and the Nasdaq Composite dropped 0.85% to 17,725.77. In contrast, the Dow Jones Industrial Average climbed 0.16%, or 65.44 points, to 41,240.52.
Investors are now turning their attention to Nvidia’s earnings report, scheduled for release on Wednesday after the closing bell. Wedbush analyst Dan Ives has dubbed this “the most important week of the year for the stock market,” as Nvidia’s results are expected to provide insight into the sustainability of the booming AI trade.
However, not all market watchers are optimistic about Nvidia’s prospects. Gene Munster, co-founder of Deepwater Asset Management, commented on the reported delay in Nvidia’s next-generation Blackwell GPUs, suggesting it could be a slight negative for the company. Munster believes this factor could potentially cause Nvidia’s stock to trade down modestly.
In addition to Nvidia’s earnings, investors are closely monitoring upcoming economic reports. Thursday will see the release of initial jobless claims, followed by the PCE Index on Friday, which is considered the Federal Reserve’s preferred inflation gauge. These reports will play a crucial role in determining the extent of potential interest rate cuts by the Fed in September.
Interactive Brokers economist José Torres emphasized the importance of these upcoming economic indicators, including consumer confidence figures, unemployment claims, pending home sales, and Personal Income & Outlays.
In the commodities market, West Texas Intermediate crude oil increased 3.06% to $77.12 a barrel, while Brent crude jumped 2.80% to $81.23 a barrel. Gold prices rose 0.34% to $2,554.60 an ounce. The 10-year Treasury yield climbed two basis points to 3.823%.
The cryptocurrency market saw Bitcoin drop 1.47% to $63,318.
As the week unfolds, market participants will be watching closely for Nvidia’s earnings report and key economic data releases, which are expected to provide valuable insights into the state of the economy and potential future market trends.
