US stocks make small gains ahead of Nvidia results
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: AFP
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NEW YORK - Wall Street stocks ended on Aug 27 slightly higher as markets look ahead to an earnings report by chipmaker Nvidia this week.
The broad-based S&P 500 gained 0.2 per cent to 5,625.80, as did the tech-rich Nasdaq Composite Index, which closed at 17,754.82.
The Dow Jones Industrial Average was flat at 41,250.50.
Stocks are treading water as investors await AI chipmaker Nvidia’s results after markets close on Aug 28 - eyeing the company as a gauge of the tech and AI sectors’ health.
There is “pent-up demand” to see what Nvidia will do next, said Ms Kim Forrest, of Bokeh Capital Partners.
While the economy is “not doing great,” it is good enough for key indices to continue advancing, she said.
For now, markets have been assuaged by comments of US central bank chief Jerome Powell, who said last week that the time had come for interest rate cuts.
Traders widely anticipate a cut of at least 25 basis points after Federal Reserve policymakers gather for a meeting in September, according to CME Group’s FedWatch Tool.
This would mark the Fed’s first rate reductions after raising rates during the pandemic.
Nvidia shares rose 1.5 per cent on Aug 27. AFP
