-- Stocks in Asia are set to edge lower after a sluggish day on Wall Street, as traders look to Nvidia Corp.’s results for clues on whether the artificial-intelligence euphoria that’s powered the bull market has more room to run.How the Cortiços of São Paulo Helped Shelter South America’s Largest City
To Chris Senyek at Wolfe Research, Nvidia’s results will set the tone for markets before a key US payrolls report on Sept. 6. The S&P 500 edged higher to around 5,625 on Tuesday while the Nasdaq 100 rose 0.3%. A closely watched gauge of chipmakers added 1.1%. Nvidia climbed 1.5%. Super Micro Computer Inc. slid 2.6% after Hindenburg Research said it’s short the maker of server equipment.
Nvidia accounts for more than 6% of the S&P 500’s market cap in terms of its index weight, so “it’s increasingly a bigger component of where the trend and momentum of the market goes,” Matt Stucky of Northwestern Mutual Wealth Management told Bloomberg Surveillance. If the giant chipmaker fails to deliver, or even just meets expectations, “I think it’s more of a risk-off environment,” he said, “not necessarily fuel for rotation.
While the S&P 500 is now nearly back to its all-time high in the wake of Powell’s recent dovish message, underlying risk premia are still somewhat larger than before the July correction began and the previously all-conquering “AI” narrative still is yet to fully recover, according to Jonas Goltermann at Capital Economics.
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