by Caroline Valetkevitch

(Reuters) – The New York Stock Exchange ended higher on Tuesday as investors were optimistic about company results expected this week.

The Dow Jones index gained 0.34%, or 161.78 points, to 47,706.37 points. The broader Standard & Poor’s 500 gained 15.73 points, or 0.23% to 6,890.89 points. The Nasdaq Composite advanced 190.04 points, or 0.80%, to 23,827.493 points.

Nvidia rose after Chief Executive Jensen Huang announced the company would build seven supercomputers for the U.S. Department of Energy and booked $500 billion in orders for artificial intelligence (AI) chips.

Microsoft also moved forward after the group said it had reached an agreement with OpenAI to allow the developer of ChatGPT to restructure as a public utility company, valuing it at $500 billion.

Investors are awaiting the release of results this week from companies like Microsoft, Alphabet, Amazon and Meta Platforms. In particular, they will examine with interest the details of their AI spending.

“Momentum and earnings are pushing the market higher,” said Peter Cardillo, chief economist at Spartan Capital Securities in New York. He added that there was also “some excitement around (US President Donald) Trump’s trip to Asia.”

“Profits have been good,” Peter Cardillo said. “Of course we are waiting for the big tech stocks.”

The US Federal Reserve (Fed) is expected to announce a cut in interest rates this week.

Investors will be eager for details on the rate outlook, especially as the U.S. government has been paralyzed for nearly a month by a shutdown, delaying the release of crucial economic data.

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(With Johann M Cherian and Twesha Dikshit; Camille Raynaud)

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