Stock Market Today: Live Updates
Nvidia Fuels Market Rally as Earnings Season Kicks Off Amid Tariff Fears
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Nvidia’s shares surged,providing a significant lift to the broader market,as investors braced for the start of the second-quarter earnings season. While some financial heavyweights delivered mixed results, the chip giant’s positive outlook on resuming sales to China offered a much-needed boost.
Nvidia’s China Sales Hope Ignites Market Optimism
The technology sector, in particular, found momentum thanks to a ample jump in Nvidia’s stock. The chipmaker’s shares climbed more than 4.5% after announcing its expectation to “soon” resume deliveries of its H20 GPU sales to China. This news provided a welcome counterpoint to ongoing concerns about potential inflation driven by tariffs.
Investors closely scrutinized earnings reports from several major financial institutions. Wells Fargo, despite beating earnings expectations, saw its shares dip by over 4% due to a downward revision in its net interest income guidance. JPMorgan Chase, conversely, posted better-than-expected second-quarter results, buoyed by robust trading and investment banking revenue, though its shares experienced a slight decline. Citigroup offered a more positive note, with its shares gaining approximately 1% after the bank surpassed second-quarter estimates.
Earnings Season Expectations Remain Cautious
Wall Street is looking to the second-quarter earnings season to provide further impetus to a stock market that has already reached all-time highs. Though, expectations for overall earnings growth are tempered. According to FactSet data, the S&P 500 is projected to report a blended earnings growth rate of 4.3% year-over-year, marking the lowest growth rate for the index since the fourth quarter of 2023.
The market’s positive performance on Monday, even in the face of President Donald Trump‘s threat of imposing a 30% tariff on the European Union and Mexico starting August 1, underscores the resilience of investor sentiment. Nevertheless, the specter of tariff-driven inflation continues to loom, with manny anticipating a potential reckoning down the line.