Stock indexes are on the rise midday as investors eagerly await Nvidia’s earnings report, which is set to be released after the market closes. Nvidia’s results will be closely watched as a key indicator for the popular artificial-intelligence trade.
In addition to Nvidia, investors have been digesting a slew of other quarterly reports. Retailers such as Foot Locker, Abercrombie & Fitch, and Advance Auto Parts reported mixed results, painting a complicated picture of consumer health.
Despite the recent climb in mortgage rates, Toll Brothers’ report showed that homebuilding remains a point of strength in the economy. The Mortgage Bankers Association revealed that the rate on 30-year fixed homes has climbed to 7.3%, the highest in over 20 years.
In recent market action, stocks have been gaining ground. The Nasdaq Composite has led the way, surging more than 1%. The S&P 500, driven by technology and real estate stocks, as well as the Dow industrials, have also advanced.
However, U.S. business activity rose at a weaker pace in August, according to a purchasing managers’ survey. This reading has boosted Treasurys, with the yield on the 10-year note declining from Tuesday’s 16-year high.
European bonds have also rallied after PMI surveys revealed that business activity in the region contracted more than expected.
Investors were disappointed by the results from Peloton and Foot Locker, leading to a plunge in their shares. On the other hand, Abercrombie & Fitch, Williams-Sonoma, and Kohl’s saw their shares rise following their own quarterly reports.
Oil prices have pared earlier losses, with benchmark U.S. barrels rising to $79 from $78 in morning trading. This comes after the Energy Information Administration reported a bigger-than-expected decline in domestic crude inventories, which are now at their lowest point this year.
Global stocks have mostly risen, with the Stoxx Europe 600, Hong Kong’s Hang Seng Index, and Japan’s Nikkei 225 all experiencing gains. However, the Shanghai Composite fell 1.3% to its lowest close this year.
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How have stocks performed in response to investors anxiously awaiting Nvidia’s earnings report?
Stock indexes are soaring midday as investors anxiously await Nvidia’s earnings report, which will be released after the market closes. Nvidia’s results are highly anticipated as they are considered a crucial indicator for the popular artificial intelligence trade.
Alongside Nvidia, investors are also digesting a series of other quarterly reports. Retailers like Foot Locker, Abercrombie & Fitch, and Advance Auto Parts have reported mixed results, providing a complex view of consumer health.
Despite the recent increase in mortgage rates, Toll Brothers’ report reveals that homebuilding remains a strong point in the economy. The Mortgage Bankers Association has disclosed that the rate on 30-year fixed homes has climbed to 7.3%, the highest in over 20 years.
Recently, stocks have been making significant gains in the market. The Nasdaq Composite has led the way, surging over 1%. The S&P 500, driven by technology and real estate stocks, as well as the Dow Industrials, have also made advancements.
However, U.S. business activity grew at a slower pace in August, according to a purchasing managers’ survey. This reading has caused Treasurys to rise, with the yield on the 10-year note dropping from Tuesday’s 16-year high.
European bonds have also rallied after PMI surveys indicated that business activity in the region contracted more than expected.
Investors have been disappointed by the results from Peloton and Foot Locker, resulting in a decline in their shares. On the other hand, Abercrombie & Fitch, Williams-Sonoma, and Kohl’s experienced a rise in their shares following their own quarterly reports.
Oil prices have rebounded from earlier losses, with benchmark U.S. barrels rising to $79 from $78 in morning trading. This follows the Energy Information Administration’s report of a larger-than-anticipated decline in domestic crude inventories, which are now at their lowest point this year.
Global stocks have mostly climbed, with gains seen in the Stoxx Europe 600, Hong Kong’s Hang Seng Index, and Japan’s Nikkei 225. However, the Shanghai Composite has fallen 1.3%, reaching its lowest close for the year.
Stay informed about the markets with our free morning and evening newsletters, delivered every weekday.
