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US stocks rise amid anticipation of Nvidia earnings
US stocks rose during trading on Wednesday, August 27,
as investors focused on Nvidia's earnings report, which is expected to be released after the session, and which could mark a turning point in the bull market.
The Nasdaq Composite rose about 0.04%, and the Dow Jones Industrial Average rose 81 points, or about 0.2%. The S&P 500 rose about 0.1%. Nvidia shares represent about 8% of the overall market index, according to FactSet data.
Long-term US Treasury yields continued to rise amid concerns that US President Donald Trump might try to influence the US Federal Reserve to cut interest rates.
The market largely overlooked Trump's unprecedented move to fire Federal Reserve Board member Lisa Cook as US stocks closed Tuesday's session with muted gains.
Some individual stocks posted strong gains despite the overall market's calm. MongoDB shares surged 32% after the developer data platform's results beat Wall Street expectations. Okta shares rose 2% after its quarterly results and annual forecasts exceeded estimates.
Both companies cited demand from companies developing AI platforms as a key reason for the strong results. This bodes well for NVIDIA's results.
Wall Street has high hopes for NVIDIA, the S&P 500's heaviest weighting index, considered a leading indicator of the overall market and a leading indicator of AI developments. The company's results could temper or amplify the stock's rally this year, especially as the "Magnificent Seven" companies seek to recover from last week's sell-off.
