Nvidia Earnings and Bitcoin Rally Drive Market Volatility
US stocks edged higher on Tuesday, with the Nasdaq leading the gains at 0.7%. Chip stocks initially rallied due to falling bond yields and oil prices, but their momentum faded as the session wore on.
Nvidia and Marvell Technology are set to report this week, and expectations are high for signs of continued demand for AI chips. However, investors appear cautious about chasing chip stocks higher ahead of Nvidia's earnings, which could raise the risk if either company falls short.
Bitcoin briefly rose above $80,000 on Tuesday, its highest level in three months, driven by dollar debasement fears and concerns over the long-term value of the US dollar. The move came after the Treasury's intervention in the bond market sparked fresh concerns about inflation.