The S&P 500 rose Tuesday morning, boosted by an important round of first-quarter earnings results that topped Wall Street expectations and suggested many companies are faring better than feared despite a tough economic backdrop.
The S&P 500 rose 0.3%, while Dow Jones Industrial Average dipped 45 point, or 0.13%. The Nasdaq Composite added 0.6%. The moves came after the major averages gained to kick off a stacked week of corporate earnings.
Nvidia shares rose 2.5% Tuesday after HSBC upgraded the stock two levels, to buy from reduce. The firm said Nvidia is showing it has more power in pricing artificial intelligence chips than previously thought. Shares of Nvidia have already soared about 85% since the start of the year, and HSBC thinks there’s room for even more appreciation.