US Stocks End 7-Day Losing Streak Ahead of Nvidia Earnings; Dow Up 160 Points

Wall Street's major indices closed higher on Tuesday, as technology stocks rebounded from a sell-off before Nvidia's earnings report. Declining oil prices and bond yields also provided a boost to the market. The S&P 500 gained 0.32%, the Nasdaq rose 0.66%, and the Dow Jones Industrial Average added 160.24 points, or 0.3%. The Philadelphia Semiconductor Index climbed 1.44%, and Taiwan Semiconductor Manufacturing Company's ADR increased by 1.78%.

Nvidia, a leading U.S. artificial intelligence chip manufacturer, is set to release its quarterly earnings after the market close on Wednesday. Ahead of the report, Nvidia's stock price rose 2.19%, ending a seven-day losing streak. Other semiconductor companies like AMD and Micron Technology also saw gains, rising 4.91% and 2.48%, respectively. However, consumer stocks underperformed significantly.

Dick's Sporting Goods shares plummeted 30% after a disappointing earnings report, marking its worst single-day stock performance. Retailers like Walmart and Target also faced pressure, with their stocks falling 1% and nearly 4%, respectively. Market sentiment was further dampened by lower-than-expected consumer confidence figures and escalating U.S.-Canada trade disputes. U.S. consumer confidence in August slightly declined, reflecting pessimism about future prospects, as the Conference Board's Consumer Confidence Index fell to 89.4, below the forecast of 90.2. Canada announced on Tuesday that it would impose retaliatory tariffs on U.S. goods, mirroring the 50% tariffs imposed by the U.S. over the weekend.