Traders work on the New York Stock Exchange trading floor during early trading on Aug. 23, 2024 in New York City.
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U.S. stock futures were flat Tuesday night as investors awaited chipmaker Nvidia’s quarterly earnings report after the bell on Wednesday.
Futures and Dow Jones Industrial Average It fell slightly by 32 points, or 0.08%. S&P 500 Index Futures and Nasdaq 100 Futures fell 0.1% and 0.3% respectively.
In after-hours action, Nordstrom The company’s shares rose 7% after the retailer reported adjusted profits Season 2 This exceeded expectations. semiconductor developer Ambarella The company’s shares rose 20% on upbeat third-quarter revenue guidance. PVHThe owner of Calvin Klein shares fell 7% on disappointing outlook for the current quarter.
During Tuesday’s trading session, broad market indexes and technology stocks Nasdaq Index Both rose nearly 0.2%. NVIDIA Posting a gain of about 1.5% helped boost both indexes. 30 stocks Dow ChemicalMeanwhile, the company gained just 0.02%, enough to post its second consecutive record close.
Wall Street is paying close attention to artificial intelligence industry leader Nvidia to gauge the sustainability of the broader technology and artificial intelligence industries. The semiconductor giant’s shares have soared 159% in 2024, raising questions about how much upside the stock has left.
Investors’ focus includes delivery schedule The latest on Nvidia’s Blackwell chips and demand for artificial intelligence.
“It’s hard to say there’s not a lot of optimism in the market tomorrow,” Erin Browne, managing director and portfolio manager at Pimco, told CNBC.end bell” Tuesday.
To be sure, Brown noted that other AI stocks are trading about 10% below their all-time highs. She added that Nvidia’s current valuation is not expensive compared with the five-year average.
“So while there’s definitely a lot of optimism in the market, I think they can still provide upside and surprise the market,” Brown said.
On the earnings front, Bath & Body Works, Foot Locker and Kohl’s are among the companies scheduled to report quarterly results Wednesday morning. In addition to Nvidia, investors will also pay attention to Salesforce’s financial report in the afternoon.
