Us Stocks Tumble Ahead Of Nvidia

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Us Stocks Tumble Ahead Of Nvidia

Us Stocks Tumble Ahead Of Nvidia Results

The majority of the US stocks are trading lower on Tuesday as the market is waiting for the highly anticipated results from Nvidia (NVDA).

As of now, DJIA is down by 0.2% (80 points), and the Nasdaq Composite is down by 0.4% (75 points). Similarly, the S&P 500 has also shed 0.2% (13 points). The overall sentiment is mildly bearish on the intraday timeframe.

Rate Cut Hope Sends The Stocks Higher

However, the long-term sentiment for US stocks is now positive on account of the upcoming September rate cut. That's why DJIA made a new high on Monday while other markets also registered strong gains.

In terms of data releases, all the eyes will be on the PCE index, as that's the preferred inflation gauge for the US Federal Reserve. Also, investors will be looking at the initial jobless claims and the release of US Q2 GDP to gauge the health of the US economy and the labor market.

However, the key focus of investors is on the Nividia earnings release, which is due on Wednesday. It wouldn't be wrong to say that Nvidia is at the center of the AI rally seen in the US stocks.

If we look back, the results of ASLM and TSMC were released in July. Both of these results showed that the chipmaking sector is still in a good position to capitalize on the demand for AI.

Meanwhile, the results of Nordstorm, a famous retailer, are also due later today. These results will provide insights into US consumers and their spending habits.

Apple's stock also fell by 0.6% on Monday when the company announced that its chief financial officer would be stepping down in 2025.

Right now, the overall sentiment is mildly bearish, but it doesn't have anything to do with the long-term trend. The prospects of the US stocks have started to look really good after the Fed's willingness to lower the rates.

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