Stocks rose higher on Tuesday, with the S&P 500 Index and Nasdaq Composite closing at fresh highs, as market participants looked ahead to Nvidia's earnings report due out Wednesday. The broader market index and tech-heavy indexes rose 0.25% and 0.22%, respectively, while the Dow Jones Industrial Average advanced over 65 points.
Here's how the market settled on Tuesday:
S&P 550 Index
Dow Jones Industrial Average
Nasdaq Composite Index
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Chief Investment Officer Americas for UBS Global Wealth Management Solita Marcelli wrote in a note on Tuesday that artificial intelligence names have more expected growth ahead as market participants anticipate Nvidia's
"The structural growth prospects of artificial intelligence remain appealing," Marcelli wrote. "We see strong earnings growth ahead for AI-related names and the broader global tech sector, forecasting earnings growth of 20% this year and 16% in 2025."
Zoom Out:
Federal Reserve Governor Christopher Waller said Tuesday that more inflation easing needs to be seen before policymakers will be confident to lower interest rates.
"The economy now seems to be evolving close to what the [Federal Open Market Committee] expected," Waller said in a speech in Washington. "In the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy."
On the Earnings Front:
Lowe's
Macy's
During Macy's earnings call, CFO and COO Adrian Mitchell said the company assumes in its outlook that consumers "will remain under pressure for the balance of the year."
In the News:
Peloton Interactive
For Wednesday:
Market participants will react to minutes from the central bank's May FOMC meeting, as well as earnings reports from Target