This jump was largely based on hefty gains by Nvidia , which closed over 8% higher, the biggest jump in nearly three months, as investors wanted exposure to the world’s most valuable chip designer ahead of quarterly results on Wednesday.) posting a smaller-than-expected drop in quarterly comparable sales and topped estimates for profit, helped by a boost from delayed spring season sales and sustained consumer spending on smaller projects.
The consumer has remained resilient in the face of inflation, which has been cooling off compared with last year's pace. Retailers should be able to project consumer spending trends heading into their important holiday sales season.
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