By Chelsey Dulaney and Hannah Miao
Chip-maker Nvidia is center stage today.
The company at the center of the artificial-intelligence trade is set to report earnings after the market closes. Analysts forecast its revenue more than tripled to $24.6 billion last quarter, while profits are expected to come in at $5.19 a share.
Investors see Nvidia's results as a test for the AI enthusiasm that has been a big driver of the stock market's strength this year. Its earnings report in February helped propel the S&P 500 to the biggest daily gain in over a year. Options traders are betting on big moves in Nvidia stock this week, once the results hit the wires.
In recent trading:
Stocks wavered. The S&P 500 and the Dow ticked lower, while the tech-heavy Nasdaq Composite was roughly flat.
U.S. Treasury yields inched up. The yield on the benchmark 10-year note settled Tuesday at 4.414%.
Japan's 10-year government bond yield climbed above 1% for the first time in 11 years.
Copper futures pulled back, having settled Tuesday at an all-time high of $5.119 a pound. Gold futures also edged lower, as did oil prices.
Global stocks slipped. European, Japanese and Hong Kong stock indexes crept lower.
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(END) Dow Jones Newswires
May 22, 2024 09:43 ET (13:43 GMT)
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