US stock markets closed higher on Tuesday, with investors eagerly anticipating Nvidia’s quarterly earnings report set for Wednesday. The Federal Reserve Bank of Philadelphia reported an improvement in the monthly non-manufacturing activity index, which rose to -0.6 in May from -12.4 in the previous month, suggesting a slower pace of contraction in the sector. Additionally, U.S. same-store retail sales saw a 5.5% year-over-year increase for the week ending May 18, slightly lower than the previous week’s 6.3% increase, likely due to inclement weather.
The positive news from the Federal Reserve Bank of Philadelphia and the resilient retail sales figures contributed to the bullish sentiment on Wall Street, leading to a higher close for the US stock markets. Market participants are eagerly awaiting Nvidia’s quarterly results, as the tech company’s performance could provide further insight into the health of the industry and overall market sentiment.
In summary, US stock markets finished higher on Tuesday amidst positive economic indicators and anticipation for Nvidia’s upcoming earnings report. The Federal Reserve Bank of Philadelphia’s monthly non-manufacturing activity index rose, indicating a slower pace of contraction in the sector. Similarly, U.S. same-store retail sales showed resilience with a year-over-year increase, despite a slight dip due to adverse weather conditions. Investors are optimistic about the market outlook and eagerly awaiting Nvidia’s quarterly results for further guidance on the tech sector’s performance.
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https://www.msn.com/en-us/money/markets/us-equity-markets-close-up-tuesday-ahead-of-nvidia-s-earnings-results/ar-BB1mNYde