NEW YORK - Bullish investors are hoping Wednesday's earnings report from chip heavyweight Nvidia can rejuvenate a U.S. stocks rally that has stumbled in recent weeks.
Yet the broader equity rally has recently faltered, with the benchmark index off more than 4% in August as soaring Treasury yields threaten to dull the allure of stocks. The market's turbulence is intensifying focus on Nvidia's fiscal second quarter report, due after market close on Wednesday. Nvidia stunned the market with its prior report in May, when a stellar forecast sent its stock soaring 24% in one day. Following that report, the S&P 500 technology sector rallied 8% over the next five days.
"My guess is the numbers are going to be just fine, but is it going to be enough?" said Chuck Carlson, chief executive officer at Horizon Investment Services. "If it's not, you could see a continuation of the sell-off that we have had here in the last month or so." Nvidia’s earnings report is not the only closely watched market event in the coming days. Investors will also be focused on a speech from Federal Reserve Chairman Jerome Powell at the central bank’s annual conference in Jackson Hole, Wyoming, later this week.
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