NEW YORK, Aug 22 — Wall Street’s main indexes pared gains today, as US Treasury yields rose on growing worries about interest rates staying higher for longer, while gains in Nvidia shares fizzled out in the run up to the chip designer’s earnings.
The bond selloff has been driven by evidence of a strong US economy, which dampened hopes of the Federal Reserve easing monetary policy anytime soon.Investors will be keen to see if Nvidia’s results and forecast can match heightened market expectations following a blockbuster report last quarter that fuelled a blistering rally in tech stocks amid the frenzy around artificial intelligence.
Other big technology and growth stocks such as Microsoft, Alphabet and Tesla rose between 0.7 per cent and 2.7 per cent. At 9.59am ET, the Dow Jones Industrial Average was down 21.71 points, or 0.06 per cent, at 34,441.98, the S&P 500 was up 2.95 points, or 0.07 per cent, at 4,402.72, and the Nasdaq Composite was up 19.74 points, or 0.15 per cent, at 13,517.33.
Activision Blizzard gained 1.0 per cent after Microsoft offered to sell the “Call of Duty” maker’s non-European streaming rights to Ubisoft Entertainment to get the deal past British regulators.