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Stock market today: US stocks diverge as rate-cut bets shift, with Nvidia on horizon

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Federal Reserve,Nasdaq Composite,Jerome Powell

Stocks are eyeing a bid for fresh record highs after Jerome Powell made it crystal clear the Fed is ready to pivot to lowering rates in September.

US stocks rose on Monday, looking to resume a rally spurred by the Federal Reserve's message that interest-rate cuts are imminent, ahead of a busy week dominated by Nvidia's earnings report. The S&P 500 added roughly 0.1%, while the Dow Jones Industrial Average added roughly 0.2%. The tech-heavy Nasdaq Composite slipped 0.1% after the major indexes all gained more than 1% for the week.

5% cut is likely. Now the focus is firmly on Nvidia earnings — the marquee event of the week — which will likely determine whether the market mood stays upbeat. If the chipmaker's results on Wednesday fail to meet sky-high expectations, that could further dent the AI trade that has powered stock gains — and, in turn, put the market's rebound from August lows to the test.

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