Dow hits record high as focus on Nvidia earnings from Investing.com

Investing.com– The Dow closed at a new record high on Tuesday despite cautious sentiment as investors awaited results from chipmaker Nvidia (NASDAQ: ) due on Wednesday.

By 16:00 ET (20:00 GMT), it was up 0.02% or 9 points to close at a record 41,250.50. They increased by 0.2% and those added by 0.2%.

Nvidia earnings in focus; Netflix Gets Wall St. Upgrade; Apple shrugs off CFO departure

NVIDIA Corporation’s (NASDAQ: ) quarterly earnings after the closing bell on Wednesday are expected to serve as a gauge as to whether the AI-fueled tech rally has room to run or could be building up soon.

Ahead of the chipmaker’s results, Truist Securities said in a recent note, citing regular dialogue with component buyers and sellers, that “Nvidia’s business trends continue to improve.”

Beyond chips, Apple (NASDAQ:

Meanwhile, the countdown to Apple’s Sept. 9 product event continues to dominate investor attention, amid expectations from some tech insiders that the tech giant’s new iPhone could spark a historic upgrade cycle .

Netflix Inc (NASDAQ: ), meanwhile, rose more than 1% after Evercore ISI cited strong survey data, raising its price target for the stock to $750 from $710 a share.

“In our view, Apple could sell north of 240 million iPhone units in FY25 as this AI-driven upgrade cycle plays out,” Wedbush said in a note on Tuesday .

Paramount Global falls as Edgar Bronfman Jr ends chase; Hain Celestial Group offers surprise earnings

Shares of Paramount Global (NASDAQ: ) retreated 7% after Chief Executive Edgar Bronfman Jr pulled out of the race for control of the media conglomerate, likely allowing Skydance Media to win control of the media conglomerate without a bidding war.

In terms of earnings, meanwhile, The Celestial Hain Group Inc Group (NASDAQ: ) rose more than 18% after reporting better-than-expected fiscal fourth-quarter earnings that offset revenue that fell short of Wall Street estimates.

Consumer confidence rises amid easing recession fears

US consumer confidence hit a six-month high in August as fears of a recession eased, it reported on Tuesday.

“Today’s data adds evidence that the economy has cooled enough to support a lower rate of inflation,” Jefferies said in a note on Tuesday, maintaining its call for the Fed to cut rates by 25 basis points in September.

The data came ahead of jobless claims and another reading on second-quarter GDP data due on Thursday and the price index, the Federal Reserve’s preferred gauge of inflation, due on Friday.

(Peter Nurse, Ambar Warrick contributed to this article.)