Stock Market Today: Stocks Edge Higher With Nvidia Earnings in Focus
Nvidia stock gained ground ahead of tomorrow's after-the-close earnings event, while Super Micro Computer got hit by a short seller report.


Stocks opened lower Tuesday but found their way into positive territory by lunchtime following some mid-morning economic data. Still, today's price action was muted as investors look ahead to tomorrow's quarterly earnings report from Nvidia (NVDA, +1.5%), which has become a key event on Wall Street.
Indeed, Nvidia earnings will be released after Wednesday's close and Wall Street is anxiously awaiting the outcome. "NVDA results have been a key driver of the broader market short term, and the stock has added roughly 5 percentage points to S&P 500 returns for the year to date," says BofA Securities.
In a separate note, BofA analyst Vivek Arya calls Nvidia a "top sector pick" ahead of earnings. He adds that any issues related to potential delays of its Blackwell chip will be limited and unlikely to "fundamentally derail NVDA's longer-term momentum." Arya also says that any selloff in the chip stock should be viewed as an "enhanced buying opportunity."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Super Micro Computer slumps after short seller report
Elsewhere in the tech space, Super Micro Computer (SMCI) was down nearly 9% at its session low before ending the day with a milder 2.6% drop. Today's pressure came courtesy of Hindenburg Research, which revealed a short position in SMCI. The firm also accused Super Micro Computer, which makes artificial intelligence (AI) servers, of "accounting manipulation."
SMCI "benefited as an early mover but still faces significant accounting, governance and compliance issues and offers an inferior product and service now being eroded away by more credible competition," Hindenburg wrote in its report.
The stock had a red-hot start to 2024 and had more than quadrupled for the year to date back in March. It has struggled more recently amid disappointing earnings and concerns about reduced AI spending, paring its return to about 93%.
Paramount Global falls on M&A news
Paramount Global (PARA) fell 7.2% after Edgar Bronfman Jr, the former chairman and CEO of Warner Music Group, abandoned his bid to buy the media company amid reports he could not secure funding.
Bronfman threw his hat into the ring earlier this month, adding "one more twist to the long and winding road of Paramount Global's sale process," says Argus Research analyst Joseph Bonner (Sell). "The process has gone through so many convolutions and resulted in such destruction of shareholder value."
With Bronfman out, it appears that Skydance Media is in the clear to close on its purchase of Paramount Global.
Home prices keep rising
In economic news, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed home prices were up 5.4% year-over-year in June. While this is slower than the 5.9% annual gain seen in May, it's the largest rise for June on record.
New York, San Diego and Las Vegas saw the biggest increases in home prices, while Portland saw the smallest.
Consumer confidence improves in August
Separate data from The Conference Board showed folks are hesitant to buy a home. Indeed, on a six-month moving average basis, purchasing plans for homes fell to a 12-year low in August.
Overall, The Conference Board's Consumer Confidence Index rose to 103.3 in August from July's upwardly revised 103.3.
"Consumers continued to express mixed feelings in August," said Dana M. Peterson, chief economist at The Conference Board. "Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market." She adds that consumers were also a little less positive about future income.
As for the main indexes, the Dow Jones Industrial Average eked out a 0.02% gain to 41,250 – a new record close – the S&P 500 rose 0.2% to 5,625, and the Nasdaq Composite added 0.2% to 17,754.
Related content
- Can a President Fix Inflation?
- Should You Buy Nvidia Stock Before Earnings?
- Kiplinger's Earnings Calendar and Analysis
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
The $33,000 Retirement: One Man's Surprising Path to Financial Freedom at 61
Forget what society tells you, even with less than $1 million, you can be happy in retirement.
-
The Best Aerospace and Defense ETFs to Buy
The best aerospace and defense ETFs can help investors capitalize on higher government defense spending or hedge against the potential of a large-scale conflict.
-
The Best Aerospace and Defense ETFs to Buy
The best aerospace and defense ETFs can help investors capitalize on higher government defense spending or hedge against the potential of a large-scale conflict.
-
Roth IRA Conversions in the Summer? Why Now May Be the Sweet Spot
Converting now would enable you to spread a possible tax hit over more than one payment while reducing future taxes.
-
A Financial Expert's Three Steps to Becoming Debt-Free (Even in This Economy)
If debt has you spiraling, now is the time to take a few common-sense steps to help knock it down and get it under control.
-
I'm an Insurance Expert: This Is How Your Insurance Protects You While You're on Vacation
Here are three key things to consider about your insurance (auto, property and health) when traveling within the U.S., including coverage for rental cars, personal belongings and medical emergencies.
-
Stock Market Today: It's 'Most Sectors Go' Ahead of Independence Day
The resilience trade continues to work, even for sectors and stocks with specific uncertainties.
-
June Jobs Report Dashes July Rate Cut Hopes: What the Experts Are Saying
The June jobs report shows that hiring remains strong and gives the Fed a little extra breathing room when it comes to interest rates.
-
Investing Professionals Agree: Discipline Beats Drama Right Now
Big portfolio adjustments can do more harm than good. Financial experts suggest making thoughtful, strategic moves that fit your long-term goals.
-
'Doing Something' Because of Volatility Can Hurt You: Portfolio Manager Recommends Doing This Instead
Yes, it's hard, but if you tune out the siren song of high-flying sectors, resist acting on impulse and focus on your goals, you and your portfolio could be much better off.