by Noel Randewich

(Reuters) – The New York Stock Exchange ended higher on Tuesday, with the Dow Jones Industrial Average hitting a record closing high after a roller-coaster session ahead of Nvidia’s highly anticipated quarterly results and a report on U.S. consumer spending later this week.

The Dow Jones index gained 0.02% to 41,250.50 points.

The broader S&P 500 gained 0.16% to 5,625.80 points.

The Nasdaq Composite rose 0.16% to 17,754.82 points.

Artificial intelligence (AI) heavyweight Nvidia rose 1.5% ahead of its quarterly results on Wednesday that will impact technology stocks and broader markets, amid concerns about additional AI investments announced by Microsoft, Alphabet and other tech giants.

Considered the main beneficiary of the AI ​​craze, Nvidia, which has been a catalyst for Wall Street’s gains for months, is up 159% this year.

“There’s a very, very high bar to clear, not only for Nvidia’s results and guidance, but also for what that will say about the state of AI,” Baird analyst Ross Mayfield said.

Data released later in the day showed that U.S. consumer confidence rose to a six-month high in August, despite heightened concerns about the labor market as the unemployment rate rose in July. On the economic front, investors are now looking ahead to Friday’s monthly report on U.S. personal consumption, a key indicator of interest rate cuts.

Traders agree that the Fed will cut rates in September, with the uncertainty of how much monetary easing will be – 25 or 50 basis points.

Separately, UBS Global Wealth Management raised the risk of a recession in the U.S. economy from 20% to 25%, citing the fragility of the labor market.

Of the eleven major sectors in the S&P 500, six advanced, led by information technology.

On the value side, among the movements to note, Paramount Global fell by more than 7% after Edgar Bronfman Jr. withdrew his offer to buy the group, leaving the field open to Skydance Media.

Tesla fell 1.9% after Canada announced it would impose 100% tariffs on electric vehicles from China, including those produced in the country by the American automaker.

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