Investing.com– U.S. stocks struggled for direction on Tuesday amid a cautious sentiment as investors awaited results from chipmaker giant Nvidia (NASDAQ:NV), due out on Wednesday.
At 12:55 p.m. ET (1657 GMT), it was down 67 points, or 0.2%, up 0.1% and added 0.1%.
Nvidia earnings in focus; Netflix gets improved rating on Wall Street; Apple shrugs off CFO departure
NVIDIA Corporation's (NASDAQ:) quarterly earnings due Wednesday after the market close are expected to serve as an indicator of whether the ai-driven tech rally has room to continue or could soon lose steam.
Ahead of the chipmaker's results, Truist Securities said in a recent note, citing regular dialogue with buyers and sellers of components, that Nvidia's “business trends continue to improve.”
Beyond chips, Apple (NASDAQ:AAPL) shares edged up marginally after paring losses following Monday night's announcement that Luca Maestri will step down as chief financial officer in early 2025.
The countdown to Apple's September 9 product event also continues to be in the grip of investors amid expectations from some tech bulls that the tech giant's next new iPhone could trigger a historic upgrade cycle.
Meanwhile, Netflix Inc (NASDAQ:) rose more than 2% after Evercore ISI, citing strong survey data, raised its price target on the stock to $750 from $710 per share.
“In our view, Apple could sell more than 240 million iPhone units in fiscal 2025 as this ai-driven upgrade cycle takes hold,” Wedbush said in a note Tuesday.
Paramount Global falls after Edgar Bronfman Jr.'s search ends; Hain Celestial Group surprises with results
Paramount Global (NASDAQ:) shares fell 6% after chief executive Edgar Bronfman Jr. dropped out of the race for control of the media conglomerate, likely allowing Skydance Media to gain control of the media conglomerate without a bidding battle.
Meanwhile, on the earnings front, The Celestial Hain Group Inc. (NASDAQ:) rose 23% after reporting better-than-expected fiscal fourth-quarter earnings that offset revenue that missed Wall Street estimates.
Sentiment is reinforced by the probable September cut
Dovish comments from Federal Reserve officials, especially Chairman Jerome Powell, led traders to price in a cut of at least 25 basis points in September, the report showed.
The highlight of this week's economic calendar will be Friday's price index, the Federal Reserve's preferred gauge of inflation.
Revised second-quarter figures, due out on Thursday along with the weekly report on , are also on the agenda.
(Peter Nurse and Ambar Warrick contributed to this article.)
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