NEW YORK, Aug 21 — The S&P 500 and Nasdaq climbed today as Nvidia shares rose ahead of the chip designer’s earnings this week, with investors also focused on a meeting of central bank policymakers for clues on the US interest rate path.
“If they indicate that there is some acceleration in earnings and sales from AI or that they perceive an increase coming, it would be very meaningful to the market,” said Rick Meckler, partner at Cherry Lane Investments. The yield on the 10-year note rose to a 15-year high of 4.342 per cent as recent evidence of a robust US economy stokes concerns the Federal Reserve could keep rates higher for longer.
Traders’ bets for a pause in rate hikes in September stood at nearly 89 per cent, according to the CME Group’s Fedwatch tool. At 9:55 am ET, the Dow Jones Industrial Average was down 44.23 points, or 0.13 per cent, at 34,456.43, the S&P 500 was up 15.75 points, or 0.36 per cent, at 4,385.46, and the Nasdaq Composite was up 109.21 points, or 0.82 per cent, at 13,399.99.