US stocks waver ahead of Nvidia results

U.S. stocks struggled for direction Tuesday, amid cautious sentiment as investors awaited results from chipmaking giant Nvidia (NASDAQ:NVDA ) due Wednesday. 

By 12.55 p.m. ET (1657 GMT), the Dow Jones Industrial Average fell 67 points, or 0.2%, the S&P 500 rose 0.1%, and the NASDAQ Composite added 0.1%. Nvidia's earnings in focus; Netflix gets Wall St. upgrade; Apple shrugs off CFO departure 

NVIDIA Corporation (NASDAQ:NVDA )'s quarterly earnings due Wednesday after the closing bell is expected to serve as a gauge on whether the AI-fueled tech rally has room to go or may soon run of steam. 

Ahead of the chipmaker's results, Truist Securities said in a recent note, citing regular dialog with component buyers and sellers, that Nvidia's "business trends continuing to improve."

Beyond chips, Apple (NASDAQ:AAPL ) stock was marginally higher after cutting losses that followed  announcemenet late Monday that Luca Maestri will step down as chief financial officer from the beginning of the 2025.

The countdown to Apple's product event due Sept. 9 also continues to investor domination amid expectations from some tech bulls that the tech giant upcoming new iPhone could spark an historical upgrade cycle. 

Netflix Inc (NASDAQ:NFLX ), meanwhile, rose more than 2% after Evercore ISI, citing strong survey data, lifting its price target on the stock to $750 from $710 a share.

"In our view Apple could sell north of 240 million iPhone units in FY25 as this AI driven upgrade cycle takes hold," Wedbush said in a Tuesday note.

Paramount Global falls as Edgar Bronfman Jr ends pursuit; Hain Celestial Group delivers earnings surprise

Paramount Global (NASDAQ:PARA ) stock retreated 6% after executive Edgar Bronfman Jr withdrew from the race for control of the media conglomerate, likely allowing Skydance Media to gain control of the media conglomerate without a bidding battle.

On the earnings front, meanwhile, The Hain Celestial Group Inc (NASDAQ:HAIN ) group rallied 23% after reporting better-than-expected fiscal Q4 earnings that offset revenue that fell short of Wall Street estimates. Sentiment buoyed by likely September cut 

Dovish comments from Federal Reserve officials, especially Chair Jerome Powell, saw traders pricing in an at least 25 basis point cut in September, CME Fedwatch showed. 

The highlight of this week's economic calendar will be Friday's Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation yardstick.

Revised second-quarter GDP  figures on Thursday, along with the weekly report on initial jobless claims , are also on the agenda.

(Peter Nurse, Ambar Warrick contributed to this article.)

Source: Investing.com