US stocks advance as markets gird for Nvidia results
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Traders working on the floor of the New York Stock Exchange in New York City in August.
PHOTO: AFP
Follow topic:
- Wall Street indexes saw slight gains as investors anticipate Nvidia's financial results and economic data.
- Nvidia's report, especially its forward guidance, is expected to be "market-moving" due to AI's influence.
- US GDP data (Aug 28) and the Fed's inflation gauge (Aug 29) are also key indicators for economic health.
AI generated
NEW YORK – Wall Street’s major indexes eked out gains on Aug 27 as markets braced for artificial intelligence (AI) chip giant Nvidia’s financial results – while awaiting further indicators to gauge the health of the world’s biggest economy.
The Dow Jones Industrial Average climbed 0.3 per cent to 45,565.23, while the broad-based S&P 500 Index rose 0.2 per cent to 6,481.40.
The Nasdaq Composite Index added 0.2 per cent to 21,590.14.
“The market has been levitating throughout the day,” said analyst Patrick O’Hare, of Briefing.com.
“The gains are not significant, but importantly there’s been no selling interest today,” he added.
“The market is kind of calmly and confidently waiting on Nvidia’s report,” he said, adding that the results will be “market-moving”.
What matters the most, Mr O’Hare believes, is the company’s forward guidance.
AI has been a major factor for markets, and Nvidia is a leader in this field.
Nvidia shares closed 0.1 per cent down.
Investors will also be eyeing updates to US gross domestic product data due on Aug 28, alongside the Fed’s preferred inflation gauge which is set to be released on Aug 29. AFP
