U.S. stocks closed higher on Tuesday, August 27, with the S&P 500 rising and the Dow Jones Industrial Average hitting a new all-time high. The gains were driven by anticipation of the upcoming release of Nvidia's quarterly report, which is crucial to the AI-driven technology sector.
Investors are eagerly awaiting Nvidia's earnings and AI insights that could have a major impact on market sentiment and shape future performance in the tech sector.
In economic data, the S&P CoreLogic Case-Shiller Home Price Index rose 6.5% year-over-year in June, down from 6.9% in May, while the FHFA Home Price Index unexpectedly fell 0.1%, defying market expectations of a 0.2% increase.
Most S&P 500 sectors ended higher, led by information technology and financials, but energy and utility stocks fell.
The Dow Jones Industrial Average rose 0.02% to close at 41,250.50, the S&P 500 gained 0.16% to close at 5,625.80 and the Nasdaq Composite added 0.16% to close at 17,754.82.
Asian Markets Today
On Wednesday, Japan's Nikkei Stock Average closed 0.12% higher at 38,376.50, led by gains in the paper & pulp, transport, rail & bus sectors. Australia's S&P/ASX 200 closed almost flat at 8,071.40, led by gains in the consumer staples, financials and A-REITs sectors. India's Nifty 50 rose 0.14% to close at 25,052.35, while the Nifty 500 closed 0.05% higher at 23,615.95. China's Shanghai Composite Index fell 0.40% to close at 2,837.43, while the Shenzhen CSI fell 0.57% to close at 3,286.50. Hong Kong's Hang Seng Index fell 1.02% to close at 17,692.45.
Eurozone 6am ET
The European STOXX 50 index rose 0.49%, Germany's DAX rose 0.63%, France's CAC rose 0.40%, and the UK's FTSE 100 fell 0.02%.
Items at 6am EST
WTI Crude Oil traded at $74.69/bbl, down 1.11%, while Brent was trading at $77.83/bbl, down 1.06%. Crude Oil prices fell on concerns over weak Chinese demand and the risk of a general economic slowdown. However, possible supply disruptions from Libya and rising tensions in the Middle East limited the decline. Natural Gas was down 0.86% to $2.067. Gold was trading at $2,543.15, down 0.40%, while Silver was trading at $29.997, down 1.43% and Copper was trading at $4.2400, down 1.48%. Gold prices fell as a stronger dollar and expectations of a US inflation report impacted market sentiment ahead of a possible Fed rate cut in September.
US Futures 6AM ET
Dow futures rose 0.01%, S&P 500 futures rose 0.06% and Nasdaq 100 futures rose 0.10%.
6am ET Forex
The U.S. Dollar Index rose 0.36% to 100.91, USD/JPY rose 0.30% to 144.38 and USD/AUD rose 0.03% to 1.4726. The dollar remained near a 13-month low as markets awaited clues about a possible U.S. interest rate cut and traders focused on the strength of the U.S. economy.
Photo credit: Pavel Bobrovskiy (via Shutterstock)
Market news and data provided by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
