US: Stocks advance as markets gird for Nvidia results

[NEW YORK] Wall Street’s major indexes eked out gains on Wednesday as markets braced for 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 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, O’Hare believes, is the company’s forward guidance.

Artificial intelligence has been a major factor for markets and Nvidia is a leader in this field.

Nvidia shares closed 0.1 per cent down.

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US: Wall St opens muted in countdown to Nvidia earnings

Investors will also be eyeing updates to US GDP data due Thursday, alongside the Fed’s preferred inflation gauge which is set to be released n Friday. AF