Investing.com-- U.S. stock index futures fell in evening deals on Tuesday, with heavyweight technology stocks remaining fragile in anticipation of earnings from Nvidia- which are set to shed more light on the AI trade.
A rotation out of tech picked up this week amid growing conviction that the Federal Reserve will cut interest rates in September. This notion also supported flows into more economically sensitive sectors, which put Wall Street indexes at record highs.Nvidia’s shares fell slightly in aftermarket trade, but were sitting on a nearly 160% spike so far in 2024, as the firm benefited greatly from increasing investment in artificial intelligence.
Nvidia’s earnings also come after reports from a slew of other tech majors suggested that AI may not be as big an earnings driver as initially thought- a notion that had triggered sharp losses in tech valuations over the past month.But despite some uncertainty over Nvidia and a rotation out of technology, Wall Street indexes were buoyed by expectations of lower interest rates, especially after Fed officials struck a dovish tone in recent addresses.
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