The S&P 500 nearly reached a new high as investors geared up for Nvidia’s earnings report. Federal Reserve Chairman Christopher Waller emphasized the need for sustained positive data before considering rate cuts. Cryptocurrencies experienced volatile swings amid excitement over potential approval of ether spot ETFs.
The S&P 500 closed at a record high on Tuesday, with Nvidia’s highly anticipated earnings report on the horizon. The Nasdaq Composite also hit a new all-time high, continuing a record rally that began after the April inflation report. The release of Nvidia’s first-quarter performance boosted market indices early in the week, as the company is expected to report significant growth in quarterly sales. Federal Reserve officials’ comments are being closely monitored following April’s consumer price index data that showed some relief, with Waller stating that several months of positive data are needed for policy changes. Cryptocurrencies, particularly ether, saw gains as investors anticipated the possible approval of ether spot ETFs.
In commodities, bonds, and cryptocurrencies, West Texas Intermediate and Brent Crude oil prices dropped, with gold remaining stable and the 10-year Treasury yield decreasing. Bitcoin also experienced a decline in value.
Overall, the market is cautiously optimistic, with investors closely watching earnings reports and Federal Reserve commentary for signs of potential rate cuts. Cryptocurrencies continue to be a point of interest, with the possibility of ETF approvals shaping market sentiment. The strong performance of technology companies like Nvidia is driving market indices to new highs, signaling a positive outlook for the broader stock market. Investors continue to navigate market volatility and economic data in search of opportunities for growth and stability.
In summary, the S&P 500 reached a new high, Nvidia’s earnings report is eagerly awaited, Federal Reserve Chairman Waller emphasized the need for sustained positive data before rate cuts, and cryptocurrencies experienced volatility amid excitement over potential ETF approvals. Market indices hit record levels, with commodities and cryptocurrencies seeing fluctuations in prices. Investors are monitoring earnings reports, policy announcements, and market trends for signals on the economy’s trajectory and potential investment opportunities.
Article Source
https://markets.businessinsider.com/news/stocks/stock-market-today-sp-500-record-high-nvidia-earnings-ethereum-2024-5