The Nasdaq Composite gained 0.6%, led by shares of Tesla, along with gains in shares of Apple, Netflix and AMD, while the S&P 500 ended 0.4% higher. The Dow Jones though, ended 0.1% lower.
Nvidia’s shares have declined 5% in the last five sessions ahead of its results. The Information reported on Monday citing sources that its crucial Blackwell Chips overheat after being connected to servers. The stock fell 1.5% overnight.
Tesla surged nearly 6% on a Bloomberg news Report that President-elect Donald Trump’s team is working on ways to ease regulations on self-driving vehicles.
“The star this week is our friend Nvidia,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, highlighting its importance to all the key indexes with its recent inclusion in the Dow. “Unless some information comes out before then, the market is going to wait and see what’s going on with Nvidia.”
Earnings season is coming to an end in the US as well. About 93% of S&P 500 companies have reported results so far. More than 74% have topped earnings expectations and 62% have surpassed revenue estimates, according to FactSet.
Bonds rose across the US curve, reversing a move that earlier drove 30-year yields to their May highs. Bitcoin topped $91,000. The 10-year yields declined three basis points to 4.41%. The Bloomberg Dollar Spot Index slid 0.4%.
“Traders appear to be gauging the potential impact of a new Trump administration’s policies on the economy, and the possibility that the Fed may slow down its rate-cutting campaign,” said Chris Larkin at E*Trade from Morgan Stanley. “With a relatively light economic calendar this week, the focus will shift to earnings — especially Nvidia’s, which have the potential to dictate the market’s short-term momentum.”
(With Inputs From Agencies.)
