Nvidia report lifts chip stocks as oil falls on Hormuz news
The Nasdaq led modest gains Tuesday as chip stocks recovered ahead of Nvidia's earnings report, while oil prices fell on eased supply fears. The Nasdaq rose 0.56%, the S&P 500 gained 0.27%, and the Dow added 0.22%. Nvidia climbed 1.6% before Wednesday's Q2 2027 report, with analysts focused on gross margins near 75% as a signal on memory costs. Advanced Micro Devices rose 4.8% on a bullish note, while Micron and SK Hynix recovered. Oil fell 3.4% after President Trump said mines were cleared from the Strait of Hormuz. Gold is on track for its biggest monthly gain since 1999, and Bitcoin touched $80,000 after dipping below $60,000 in June, reflecting investor concerns about government debt and a weaker dollar.