21/05/24 Briefing

US stocks closed in a sea of green on Tuesday with record highs for both the tech-heavy Nasdaq Composite (^IXIC) and benchmark S&P 500 (^GSPC). The positive moves come as investors await heavily anticipated earnings results from Nvidia (NVDA), set for release after the bell on Wednesday.

The Nasdaq recovered from earlier session lows to rise about 0.2%, capping off Tuesday's trading day with another consecutive record close. The S&P 500 (^GSPC), which also reached a record, rose about 0.3% while the Dow Jones Industrial Average (^DJI) climbed roughly 0.2%.

Nvidia's upcoming report is expected to spur a big move in its share price and jumpstart stocks more broadly. In the meantime, a wave of quarterly reports from retailers offered some insights into the state of the consumer and the health of the economy.

Lowe's (LOW) sales dropped less than expected as cash-strapped Americans continued to spend on small repairs, while Macy's (M) shares gained after the department store chain's earnings beat a low bar.

Investors have also listened closely to speeches from Federal Reserve officials as a dearth of economic releases starves the rate-cut debate of fuel. Fed governor Chris Waller said Tuesday he needs to see several more months of favorable inflation data before lowering rates, echoing the higher-for-longer policy stance of other central bank leaders in recent weeks.