US Stocks Mixed As Caution Persists Ahead Of Nvidia Earnings
US stocks held around the flatline on Tuesday, a sign of continued caution among investors ahead of Nvidia’s key quarterly results later this week.
As of 9:46 a.m. ET (14:46 GMT), the 30-stock Dow Jones Industrial Average was up 152 points, or 0.4%, the benchmark S&P 500 index was down 8 points, or 0.1%, and the tech-heavy Nasdaq Composite was down 114 points, or 0.6%.
Traders continued to weigh the relative merits of big artificial intelligence spending by large-cap tech companies ahead of Nvidia’s all-important earnings on Wednesday.
Sentiment was also affected by US President Donald Trump’s remarks on Monday that 25% tariffs on Canada and Mexico would “go forward” after being delayed until March. Markets were also gauging the implications of recent weak economic data and ongoing uncertainty surrounding US political developments.
Risk appetite was dampened by a Bloomberg News report that the White House is seeking to tighten Biden-era controls on semiconductor technology exports to China -- particularly chips from Nvidia. That came after Trump over the weekend called for tighter oversight of Chinese investment in key U.S. sectors, threatening to escalate tensions with Beijing.
Shares of Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) both fell in early U.S. trading after the report.
Meanwhile, Hims & Hers (NYSE:HIMS) warned that it may stop selling authorized copies of a popular weight-loss drug made by Denmark’s Novo Nordisk (NYSE:NVO), sending the U.S. telehealth company’s shares down more than 21%.
Shares of Zoom Communications (NASDAQ:ZM) also fell after the videoconferencing group released first-quarter and full-year revenue guidance that missed analysts’ estimates.
Elsewhere, gold prices edged lower but remained near recent peaks as safe-haven demand was supported in part by concerns over U.S. tariffs. The yellow metal rose in overnight trading, hitting a new record high, after Trump signaled his intention to resume levies on Canada and Mexico.
Source: Bloomberg
