The tech-heavy Nasdaq Composite Index climbed 0.4 percent to 22,532.91.“Nvidia is the one everyone is focused on for obvious reasons,” says Steve Sosnick of Interactive Brokers. The company last month became the first to reach a $5 trillion valuation.
“Given that the company is at the crossroads of artificial intelligence investments, what they have to say about the pace of adoption and growth will have a ripple effect” on the market, Sosnick added.
“We are in the midst of a three-year bull market driven by enthusiasm for AI,” he said. Investors also digested delayed US trade figures for August – which were held back due to a prolonged government shutdown – as they looked ahead to the release of a key employment report on Thursday. As the Federal Reserve balances the health of the labor market with risks to inflation as it considers next interest rate moves, Thursday’s jobs data could influence Fed policy, Sosnick added.
For now, markets will keep an eye on the Fed meeting minutes to understand what officials were concerned about at the October policy meeting.
Among individual companies, shares in Target fell after the US retailer reported a decline in quarterly sales.
Investors will keep an eye on Walmart’s earnings early Thursday for further clues about how U.S. consumers are faring.
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