Stocks Rise Before Nvidia’s Earnings as Oil Falls: Markets Wrap
(Bloomberg) — Stocks rose as a decline in oil prices sent bond yields lower, with traders awaiting Nvidia Corp.’s earnings for clues on whether the outlook for artificial intelligence remains intact.
The S&P 500 extended its August advance. The equity rebound broke a seven-day losing streak for the world’s most valuable company ahead of its results. A gauge of semiconductor giants climbed 1.5%. Also helping sentiment was a news report that the US would be returning diplomats to Middle East embassies, easing concern about an escalation of the Iran war.
That helped send Brent crude below $90, with oil also falling as mediators said they were continuing efforts to end the nearly six-month conflict. Lower energy costs reduced concerns about inflationary pressures, lifting Treasuries.
Traders also parsed economic data before Wednesday’s release of the Federal Reserve’s preferred inflation gauge. US consumer confidence fell on worsening views about business and jobs. New-home sales slid to the lowest since January.
A speech by Fed Chair Kevin Warsh Friday may further shape the direction of bonds. The pressure from Wall Street is intense after a July press conference triggered a market rebuke. Analysts have been relentless in calling out Warsh for, in their view, going too far in a quest to limit Fed communications.
“We believe that Mr. Warsh is more likely stick to his guns,” said Matt Maley at Miller Tabak. “If he does, it’s going to be important that Nvidia has seen a much more positive reaction to its earnings/guidance than most of the other chip stocks have seen this earnings season.”
Analysts estimate that Nvidia’s revenue nearly doubled last quarter from a year earlier to $92 billion. That’s more money than any of its rivals get in a full year.
“Nvidia is operating on all cylinders and they’re doing absolutely everything correctly at this point,” said Mark Malek at Siebert. “We’re anticipating good news here, but so is everybody.”
Malek notes that good news is not any not good enough anymore, and any kind of misread or misstep this Wednesday could be a big challenge.
“But for investors it could be an opportunity,” he added.
Corporate Highlights:
OpenAI said that its new Jalapeno chips performed better than Nvidia Corp.’s current lineup during testing, underscoring the company’s progress developing AI processors in-house. Apple Inc. announced upgraded Mac mini and Mac Studio desktop computers, giving the in-demand machines major processor upgrades. Lambda Inc., an AI cloud-computing provider backed by Nvidia Corp., is in talks to raise as much as $3 billion in a round that could tee it up to go public next year, according to people familiar with the efforts. Oura Health Oy, a maker of smart rings that track health, fitness and sleep, and some of its backers are seeking to raise as much as $3 billion in a US IPO, according to people familiar with the matter. Dick’s Sporting Goods Inc. sank after the Foot Locker chain it acquired last year continued to struggle, raising doubts about the broader sneaker market. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.2% as of 10:15 a.m. New York time The Nasdaq 100 rose 0.5% The Dow Jones Industrial Average rose 0.1% The Stoxx Europe 600 rose 0.4% The MSCI World Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1674 The British pound was little changed at $1.3643 The Japanese yen was little changed at 159.24 per dollar Cryptocurrencies
Bitcoin was little changed at $78,951.37 Ether fell 0.4% to $2,465.68 Bonds
The yield on 10-year Treasuries declined four basis points to 4.66% Germany’s 10-year yield declined four basis points to 3.22% Britain’s 10-year yield declined five basis points to 5.01% Commodities
West Texas Intermediate crude fell 3.1% to $82.36 a barrel Spot gold fell 0.6% to $4,623.08 an ounce ©2026 Bloomberg L.P.
