Investing.com-- The Dow closed at a fresh record high Tuesday, despite cautious sentiment as investors awaited results from chipmaking giant Nvidia (NASDAQ:NVDA) due Wednesday.
By 4:00 p.m. ET (20:00 GMT), the Dow Jones Industrial Average rose 0.02% or 9 points to close at record of 41,250.50. The S&P 500 rose 0.2%, and the NASDAQ Composite added 0.2%.
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) closed above the flatline as gains were limited by announcement 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, meanwhile, continues to dominate investor attention amid expectations from some tech bulls that the tech giant's upcoming new iPhone could spark an historical upgrade cycle.
Netflix Inc (NASDAQ:NFLX), meanwhile, rose more than 1% 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 7% 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 more than 18% after reporting better-than-expected fiscal Q4 earnings that offset revenue that fell short of Wall Street estimates.
Consumer confidence rises amid easing recession fears
US consumer confidence hit a six-month high in August as fears about a recession subsided, the Conference Board reported Tuesday.
"The data today add evidence to the case that the economy has cooled sufficiently to support a lower inflation rate," Jefferies said in a Tuesday note, sticking with its call for the Fed to cut rates by 25 basis points in September.
The data came ahead of jobless claims and another reading on Q2 GDP data due Thursday and Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation yardstick, due Friday.
(Peter Nurse, Ambar Warrick contributed to this article.)