Nvidia Earnings Loom Large as US Stock Indices End Higher
US stock indices closed higher on Tuesday as investors breathed a sigh of relief following news that the US will redeploy diplomats to Middle Eastern embassies, easing fears of broader regional conflict.
This development combined with a retreat in crude oil prices, which settled under the $90 threshold, helped calm inflation anxieties and provided a tailwind for Treasury markets. The benchmark 10-year Treasury note yield fell by over 7 basis points to reach 4.63%.
Investors were focused on the semiconductor sector ahead of quarterly earnings from Nvidia (NVDA) and Marvell Technologies (MRVL). Analysts estimate Nvidia's revenue is expected to hit $92.2 billion in the quarter ending July, nearly double from the same quarter last year, with earnings expectations of $2.09 per share.
Mark Malek at Siebert Financial told Bloomberg that 'Nvidia is operating on all cylinders, and they're doing absolutely everything correctly at this point.' He anticipates good news, but notes that so does everybody else.