US stocks rise on Nvidia-led rebound ahead of big tech earnings
S&P 500 Rises as Nvidia-Led Tech Rebound Boosts Investor Confidence Ahead of Megacap Earnings
The S&P 500 surged on Monday, driven by a rebound in tech stocks led by Nvidia, as investors anticipated the quarterly earnings of megacap tech companies later this week.
As of 13:59 ET (17:59 GMT), the Dow Jones Industrial Average had increased by 98 points, or 0.2%, the S&P 500 had gained 1%, and the NASDAQ Composite had climbed 1.5%.
Nvidia Leads Tech Rally Ahead of Megacap Earnings
NVIDIA Corporation (NASDAQ) saw a 4% increase following a Reuters report that the chipmaker is developing a B20 version of its Blackwell GPU specifically for the Chinese market that would comply with U.S. export controls.
Nvidia’s boost helped lift the broader tech sector, encouraging dip-buying after recent declines, as investors looked forward to earnings reports due Tuesday from megacap tech companies, including Alphabet (NASDAQ) and Tesla (NASDAQ).
Ahead of Alphabet’s results, Wedbush expressed optimism, stating that the setup for the tech giant “remains positive heading into 2Q results,” citing an ad survey and agency commentary that indicate “continued strength for Google Search.”
Ahead of Tesla’s earnings, CEO Elon Musk announced that humanoid robots would be deployed for internal use next year.
Biden Withdraws from Race, Harris Expected to be Democratic Nominee
President Biden’s withdrawal from the presidential race comes amid increasing pressure from party members and donors, who have expressed concerns over his mental health and his ability to effectively compete against Republican candidate Donald Trump.
Biden, the 46th president, endorsed Vice President Kamala Harris as his successor, but she still needs to be officially nominated by the Democratic Party, with a vote scheduled for August. Trump was nominated as the Republican presidential candidate last week.
CBS polling data from last week showed Trump outperforming Biden, especially following a failed assassination attempt on the former president. The data also indicated that Trump had a slight edge over Harris.
“Some polls have Harris performing better than Biden against Trump, and the Democrats will be hoping the next polls feature a Harris-driven bump.”
Vice President Kamala Harris has received several endorsements for the Democratic presidential nomination from prominent Democratic leaders, including former House Speaker Nancy Pelosi.
IQVIA and Verizon Show Mixed Results on Earnings Stage
IQVIA Holdings Inc. (NYSE) rose more than 6% after reporting quarterly results that exceeded Wall Street expectations, driven by strength in its technology and analytics business.
Verizon Communications Inc. (NYSE) fell 6% after its second-quarter revenue fell short of estimates, despite the telecom giant adding more wireless subscribers than expected during the quarter.
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