SPY, QQQ Edge Up; NVDX Surges Ahead of Nvidia Earnings

The S&P 500 rose slightly Tuesday, with SPDR S&P 500 ETF Trust (SPY) up 0.1%, SPDR Dow Jones Industrial Average ETF Trust (DIA) gaining 0.04%, and Invesco QQQ Trust (QQQ) advancing 0.2%.

Investors are anticipating Nvidia’s earnings report, due after Wednesday’s closing bell. T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) jumped 2.7% as Nvidia has become a bellwether for tech stocks and AI. 

The chipmaker’s second-quarter results are expected to provide insights into the AI market’s health. The Invesco S&P 500 Equal Weight Communication Services ETF (RSPC) fell 0.1% following news about Paramount Global. 

The media conglomerate’s stock dropped over 7% after Edgar Bronfman Jr. abandoned his takeover pursuit, clearing the way for Skydance’s $8 billion acquisition deal from July. 

The Invesco S&P SmallCap Consumer Staples ETF (PSCC) rose 0.9% on positive news from Hain Celestial Group. Shares of the Terra chips and Garden Veggie Straws maker surged more than 18% after posting fiscal fourth-quarter earnings that beat expectations.

Oil ETFs followed crude lower as tensions in the Middle East have cooled. Meanwhile, tech and semiconductor ETFs inched higher as anticipation over this week's Nvidia's Q2 earnings builds.

The United States Oil Fund (USO) declined 1.5% by midday trading Tuesday, following a 3% jump the day prior on an exchange of rocket fire between Israel and Hezbollah. With both sides retreating and claiming success, fears of escalation subsided along with the price of oil.

This week's big news for investors—Nvidia's Q2 earnings—is due after the close Wednesday. Hopes they will top expectations is helping to push tech and semiconductor ETFs higher  as the Technology Select Sector SPDR Fund (XLK) rose 0.3% and the VanEck Semiconductor ETF (SMH) gained 0.5% Tuesday.

Expectations are high for the chip company powering AI stock mania, which means that Nvidia has a high bar to climb in order to satisfy demanding investors, who have pushed the company’s stock up by almost 160% this year.