US stocks remain close to all-time highs with Nvidia in focus

US stocks held steady near record highs on Tuesday, with investors eagerly awaiting Nvidia’s (NVDA) earnings report while keeping an eye on retail earnings and Fedspeak for economic clues.

S&P 500 futures (ES=F) remained unchanged after the benchmark closed just shy of its all-time high last week. Similarly, futures on the Dow Jones Industrial Average (YM=F) and the Nasdaq 100 (NQ=F) hovered around the flatline.

Investors are turning to corporate earnings for guidance in the absence of major economic data releases. The spotlight is on Nvidia’s highly anticipated earnings report on Wednesday, expected to drive a significant move in its share price and potentially boost the broader market. Nvidia’s positive performance recently helped propel the Nasdaq Composite (^IXIC) to a record high on Monday.

Meanwhile, retail earnings are also in focus as investors analyze reports from Lowe’s (LOW), Macy’s (M), AutoZone (AZO), and Urban Outfitters (URBN) for insights into consumer spending and the overall economic health.

Federal Reserve officials’ speeches are being closely monitored as the lack of economic releases limits the rate-cut debate. Tuesday’s lineup includes Cleveland Fed President Christopher Waller, among others.

With policymakers emphasizing that inflation may not have cooled enough to warrant rate cuts, all eyes are on Wednesday’s release of Fed meeting minutes from May for further clarity.

As investors await Nvidia’s earnings and assess retail performance, the market remains poised for potential shifts based on these key indicators.