Wall Street Sees Modest Rebound as Nvidia Earnings Loom

Wall Street began the day on a positive note as technology stocks staged a rebound. The Dow Jones gained 37 points, or 0.1%, to reach 53,454, while the S&P 500 rose 20 points, or 0.3%, to 7,673. However, the gains were tempered by caution among investors ahead of major corporate earnings and crucial inflation data later this week.

LPL Financial's chief economist, Jeffrey Roach, noted that consumers remain relatively upbeat about current conditions but are increasingly concerned about the outlook. This concern is reflected in the decline in consumer confidence to 89.4 in August, below expectations for 90.2. New home sales also fell short of forecasts at an annualized rate of 607,000.

Meanwhile, Bitcoin has vaulted above $80,000 for the first time in three months, as Treasury bond market intervention stirred dollar debasement chatter. Gold rallied initially but then paused. The day's economic calendar includes new home sales, ADP employment data, and manufacturing numbers, setting the stage for Wednesday's PCE inflation print and Jackson Hole, where Fed Chair Kevin Warsh will give his first speech.

Nvidia's earnings on Wednesday are also being closely watched, with Zaheer Anwari, co-founder and CEO of The Revacy Fund, cautioning that markets are entering a potentially volatile period.