Wall Street Is Nervous Before Nvidia Reports. And Bitcoin Is Stealing the Spotlight

TLDR

• The Dow, S&P 500, and Nasdaq all closed higher on Tuesday, with the Nasdaq up 0.7%
• Bitcoin briefly crossed $80,000 for the first time in three months, driven by dollar debasement fears
• Chip stocks rallied early but lost steam ahead of Nvidia’s earnings report on Wednesday
• Dick’s Sporting Goods stock dropped 13% after missing Q2 expectations and cutting its full-year outlook
• Fed Chair Kevin Warsh is set to speak at the Jackson Hole Symposium later this week

US stocks edged higher on Tuesday as investors pushed past concerns about new trade measures against Canada and Iran. The Nasdaq led the gains, rising 0.7%, while the Dow and S&P 500 each rose around 0.4%.

Market breadth told a different story, though. The Invesco S&P 500 Equal Weight ETF fell 0.2%, which means if every stock in the index carried the same weight, the market would actually be down on the day.

Chip Stocks Stall Before Nvidia Reports

Semiconductor stocks got off to a strong start, helped by falling bond yields and oil prices. But the momentum faded as the session wore on.

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