IXIC: Nasdaq Jumps 1% as Tech Bros Anticipate Another Stellar Quarter from Nvidia

Tech-heavy index was lifted higher by traders buying up Nvidia ahead of its quarterly report, coming after the closing bell.

• The Nasdaq Composite IXIC jumped 1% on Tuesday as tech bros were gearing up for another bumper quarter from Nvidia NVDA. The chip giant reports its quarterly results on Wednesday after the closing bell. Everyone and their mom will be glued to the screen to see whether all that AI hype and billions of dollars sloshing around will be justified. According to Wall Street expectations, it should be.
• A large chunk of Nasdaq’s gain came from investors buying up Nvidia shares. Nvidia powered higher by almost 5% on the day. It’s valued at more than $3.6 trillion and is currently the world’s largest company followed by Apple AAPL, worth $3.45 trillion. Nvidia is the last one of the Magnificent Seven club to offload third-quarter earnings data with the rest of the members posting a mixed bag of updates.
• Elsewhere, the S&P 500 pumped a modest 0.4% and the Dow Jones Industrial Average slipped 0.3% for the session. Geopolitical tensions flared up after Ukraine used US ATACMS missiles to strike Russian targets for the first time just as the war crossed 1,000 days. Russia followed up by lowering the threshold for nuclear weapon use. Futures on the major averages were positive by about 0.3% ahead of Wednesday’s opening bell.