U.S. stocks moved higher on Tuesday as investors looked ahead to a crucial stretch for markets, headlined by Nvidia’s upcoming earnings and new inflation data. The tech-heavy Nasdaq Composite gained about 0.6%, while the S&P 500 rose 0.3% and the Dow Jones Industrial Average edged 0.1% higher.
The modest gains marked a rebound for technology stocks following Monday’s weakness, with Nvidia rising nearly 2% ahead of its highly anticipated quarterly report. Investors also digested escalating U.S.-Canada trade tensions and weaker readings on consumer confidence and housing, adding to an already complicated outlook for the Federal Reserve.
Market Movers:
- Navitas Semiconductor (NVTS) +8%: Shares climbed after the company agreed to acquire power-management specialist Claros in a deal valued at up to roughly $233 million. Claros’ technology targets next-generation AI data centers, and the acquisition is expected to more than double Navitas’ identified 2030 serviceable addressable market to over $8 billion.
- Moderna (MRNA) +4%: Shares gained after Wolfe Research upgraded the drugmaker to Peer Perform from Underperform following the successful melanoma vaccine trial with Merck. The firm said the results reduced risk surrounding Moderna’s Intismeran platform and provided a clearer path toward potential regulatory approval.
- Bloom Energy (BE) +5%, Intel (INTC) +3%: Shares advanced after a congressional disclosure showed Nancy Pelosi purchased positions in both companies, including shares and long-dated call options. The disclosure showed purchases of 10,000 Intel shares and 15,000 Bloom Energy shares alongside options positions in both names.
- SpaceX (SPCX) +2%: Shares rose after Elon Musk said the company expects to launch its first Nvidia-powered AI satellites in the fourth quarter of 2027, with the orbital computing network potentially reaching significant scale in 2028. SpaceX has requested permission to deploy as many as 1 million AI-capable satellites as it pushes deeper into computing infrastructure.
- Dick’s Sporting Goods (DKS) -20%: Shares plunged after the retailer missed second-quarter expectations and sharply lowered its fiscal 2027 earnings outlook amid a more promotional sporting-goods environment. Comparable sales rose 4.9%, but weakness at Foot Locker and an EPS forecast of $11 to $12 versus the $14.28 consensus rattled investors.
- Grand Canyon Education (LOPE) -4%: Shares fell after CFO Daniel Bachus was placed on paid administrative leave in connection with a government investigation into a third party’s trading in the company’s stock. Grand Canyon said the investigation does not involve the company and is unrelated to its financial statements or accounting practices.
Nvidia Takes Center Stage
Nvidia is quickly becoming the week’s biggest test for the broader AI trade. Shares gained nearly 2% Tuesday as investors positioned for the chipmaker’s quarterly report, which could provide another critical read on demand for AI computing infrastructure. Expectations remain elevated after massive spending on data centers and AI hardware helped propel semiconductor stocks higher. Nvidia’s outlook could determine whether investors remain willing to pay premium valuations for AI-linked stocks or take profits after another powerful run.
U.S.-Canada Trade Fight Escalates
Trade tensions returned to the spotlight after Canada announced retaliatory tariffs in response to new 50% U.S. duties. Canada plans to impose tariffs ranging from 15% to 50% on roughly $20 billion of American goods beginning Sept. 8, targeting products including steel, dairy, appliances, agricultural equipment and electronics. Markets have largely shrugged off the escalation so far, particularly because oil remains outside the dispute. Still, a prolonged trade battle could create additional cost pressures for businesses and complicate the inflation outlook at a sensitive moment for monetary policy.
Consumers and Housing Show Signs of Strain
Fresh economic data offered more evidence that higher prices and borrowing costs are weighing on households. Consumer confidence fell to 89.4 in August, its lowest level since January, while the expectations component dropped sharply as Americans grew more pessimistic about business conditions and the labor market.
Housing also weakened, with new home sales falling to an annualized rate of 607,000, below expectations for 620,000. Sticky mortgage rates and elevated home prices have now contributed to declining new home sales in three of the past four months.
Looking Ahead
Nvidia earnings and upcoming inflation data will be at the center of Wall Street’s attention, with both carrying the potential to reshape the market’s outlook heading into September. Investors will also be watching Fed Chair Kevin Warsh’s Jackson Hole speech for clues about how policymakers are balancing weaker economic signals against persistent inflation risks. For now, stocks are holding up despite a growing list of uncertainties. But with Nvidia, inflation, trade tensions and the Fed all converging this week, the relatively calm trading environment could be tested quickly.