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US stocks rallied on Tuesday, driven by anticipation of Nvidia’s second-quarter earnings and expectations for a potential Federal Reserve interest rate cut. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted modest gains.
Nvidia, a tech titan, is under the spotlight as investors await its earnings report, hoping for insights into the demand for AI chips. The Federal Reserve’s potential rate cut, hinted at by both Chairman Powell and FOMC member Mary Daly, has also boosted market sentiment.
Meanwhile, a rise in US consumer confidence in August has added pressure on the dollar, indicating a growing appetite for risk among investors”.
These statements highlighted a tendency towards an interest rate cut in September, a forecast bolstered by remarks from Mary Daly, a member of the Federal Open Market Committee, who also leaned towards a rate reduction at the upcoming meeting. A batch of data has further pressured the US dollar, as it indicated a rise in US consumer confidence in August. The Conference Board’s consumer confidence index climbed to 103.3 in August, up from 101.9 in the previous month, suggesting a boost in risk appetite across global financial markets.”
