Dow hits record high while tech shares stumble ahead of Nvidia earnings

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Dow hits record high while tech shares stumble ahead of Nvidia earnings

REUTERS/Dario Cantatore/NYSE Euronext

US stocks were mixed on Monday, with tech shares tumbling while the Dow hit a record high.

Markets are eyeing Nvidia’s upcoming earnings report as crucial for assessing the strength of the AI trade.

Investors are also watching jobless claims and the PCE Index for Fed rate cut clues.

US stocks were mixed on Monday with tech shares dragging the S&P 500 and the Nasdaq Composite lower, while the Dow Jones Industrial Average climbed to a record high.

All eyes are on

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earnings as investors gear up for the chip giant’s results on Wednesday after the closing bell.

Wedbush analyst Dan Ives called it

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as Nvidia’s results will help determine the sustainability of the booming AI trade.

But not all investors think

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“I think that for investors who are just hyperfocused on every minute of what this company is doing, that could be viewed as a slight negative,” Deepwater Asset Manager co-founder Gene Munster said of the reported delay in Nvidia’s next-generation Blackwell GPUs in

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He added: “I think this Blackwell piece is probably the most important x-factor about the quarter, and so that’s why I think the stock is going to trade down modestly.”

Investors will also be keeping a close eye on initial jobless claims set to be released on Thursday, followed by the PCE Index on Friday, which is considered to be the Federal Reserve’s preferred inflation gauge.

That data will help determine how much the Fed cuts interest rates by in September.

“Tomorrow’s consumer confidence figures, Wednesday’s Nvidia earnings, Thursday’s unemployment claims and pending home sales reports and Friday’s Personal Income & Outlays print will certainly move the needle on how far and fast the Fed will go,” Interactive Brokers economist José Torres said in a Monday note.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Monday:

Here’s what else happened today:

Story continues

In commodities, bonds, and crypto:

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crude oil increased 3.06% to $77.12 a barrel.

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, the international benchmark, jumped 2.80% to $81.23 a barrel.

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was higher by 0.34% to $2,554.60 an ounce.

The 10-year Treasury yield was up two basis points to 3.823%.

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dropped 1.47% to $63,318.

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#Dow #hits #record #high #tech #shares #stumble #ahead #Nvidia #earnings

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