U.S. Stock Market Rises as Dow Hits New High, Investors Eye Nvidia Earnings and Inflation Data

The U.S. stock market saw all three major indexes rise. Taken in September 2019 (2024 Reuters/Brendan McDermid)

[New York, 27th, Reuters] – The U.S. stock market saw all three major indexes rising, with the Dow Jones Industrial Average continuing to set closing record highs following the previous day. Attention is on the quarterly earnings report of semiconductor giant NVIDIA scheduled for release on the 28th, as well as the Personal Consumption Expenditures (PCE) report for July set to be released on the 30th, which will indicate the direction of Federal Reserve (Fed) monetary policy.

Large-cap tech stocks were mixed. NVIDIA (NVDA.O), opens new tab rose 1.5%, and according to LSEG data, it was the most traded stock among U.S.-listed stocks.

Ross Mayfield, an investment strategy analyst at Baird, stated, “The story regarding NVIDIA’s earnings and outlook, as well as the current state of artificial intelligence (AI) that could help the tech sector recover from its recent slump, faces very high hurdles to overcome.”

Apple (AAPL.O), opens new tab rose 0.4%. On the other hand, Amazon.com (AMZN.O), opens new tab fell 1.4%.

In the S&P 500, the sectors driving the gains were information technology (.SPLRCT), opens new tab and financials (.SPSY), opens new tab.

Major media company Paramount Global (PARA.O), opens new tab dropped over 7%. Media industry giant Edgar Bronfman Jr. announced on the 26th his withdrawal from the company’s acquisition battle. More

Tesla (TSLA.O), opens new tab fell 1.9%. Canada announced on the 26th that it would impose a 100% tariff on electric vehicles (EVs) imported from China. More

Super Micro Computer (SMCI.O), opens new tab, which deals in AI servers, fell 2.6%. Hindenburg Research revealed that the company’s stock is being shorted.

The PHLX Housing Index (.HGX), opens new tab fell 1.2%. The U.S. Federal Housing Finance Agency (FHFA) reported a 0.1% drop in the U.S. housing price index for June month-on-month.

In the S&P 500 (.AD.SPX), opens new tab, the number of declining stocks exceeded that of advancing stocks by a ratio of 1.1 to 1.

The total volume on U.S. exchanges was 8.6 billion shares. The average for the last 20 trading days was 11.9 billion shares.

These are preliminary figures based on LSEG data. There may be discrepancies with the previous day’s numbers.
※ U.S. stock market

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