US stocks advanced on Tuesday as Treasury yields fell for a second session and semiconductor stocks rebounded ahead of Nvidia’s quarterly results.
The S&P 500 gained 0.32% to close at 7,677.28, while the Nasdaq Composite rose 0.66% to 26,151.30. The Dow Jones Industrial Average added 160.24 points, or 0.3%, to 53,577.40, marking its third consecutive gain.
Chipmakers led the advance. Nvidia rose 2%, snapping a seven-session losing streak ahead of its results after Wednesday’s closing bell. AMD gained 4.9% and Micron Technology added 2.5%.
Consumer stocks were weaker after Dick’s Sporting Goods plunged 30% following disappointing results, its worst session on record. Walmart fell 1% and Target lost almost 4%.
US consumer confidence also softened, with the Conference Board’s index falling to 89.4 in August from the previous month and below expectations of 90.2. Trade concerns remained in focus after Canada announced retaliatory tariffs matching the US administration’s new 50% levies “dollar for dollar”.
Investors now turn to Nvidia’s results and July inflation data for further direction on technology spending and the interest rate outlook.
Australian Market Outlook
Australian shares are poised to open higher, with S&P/ASX 200 futures up 29 points, or 0.3%, to 9,143.
Lower oil prices and Treasury yields should provide some support to sentiment, while the overnight rebound in semiconductor stocks could also help technology names.
Attention offshore will centre on Nvidia, which reports after Wednesday’s US market close, around 6am Thursday AEST. The results will be closely watched for indications of AI infrastructure demand and the outlook for semiconductor spending.
US PCE inflation data will also be a key focus as investors assess whether easing price pressures are sufficient for the Federal Reserve to keep interest rates unchanged.
