Dow Extends Record Closing Run Ahead of Nvidia Results

04:37 PM EDT, 08/27/2024 (MT Newswires) -- The Dow Jones Industrial Average stretched its record closing run Tuesday as markets analyzed the latest economic data and awaited Nvidia's (NVDA) financial results.

The Dow ticked 0.02% higher to 41,250.5, following a record close in the previous session. The S&P 500 and the Nasdaq Composite rose 0.2% each to 5,625.8 and 17,754.8, respectively. Technology led the gainers among sectors, while energy saw the steepest decline.

In economic news, US consumer confidence increased this month, while the annual inflation outlook declined to its lowest level in nearly four-and-a-half years, the Conference Board reported.

US home prices rose to a "new all-time high" for June, though the pace of growth slowed both sequentially and annually, S&P Global (SPGI) division S&P Dow Jones Indices said.

Separately, the Federal Housing Finance Agency said home prices fell 0.1% on a seasonally adjusted basis in June, following the previous month's flat reading. The consensus was for a 0.1% rise in a survey compiled by Bloomberg.

Manufacturing activity in the US Mid-Atlantic region unexpectedly slid deeper into contraction territory in August as orders declined further, data from the Federal Reserve Bank of Richmond showed.

The US 10-year yield rose 1.5 basis points to 3.83% Tuesday, while the two-year rate fell 2.6 basis points to 3.91%.

Nvidia is scheduled to post results Wednesday, along with other major names such as Salesforce (CRM), CrowdStrike (CRWD) and HP (HPQ).

West Texas Intermediate crude oil fell 2.2% to $75.70 a barrel Tuesday.

In company news, Insulet (PODD) shares jumped 6.6%, the second-top gainer on the S&P 500. The company said late Monday that the US Food and Drug Administration cleared its Omnipod 5 automated insulin delivery system for adults with type-2 diabetes.

Paramount Global's (PARA, PARAA) class B shares fell 7.1% Tuesday, the second-steepest decline on the S&P 500. The company said late Monday that the "go-shop" period under its Skydance Media merger agreement has ended following the withdrawal of a rival buyout offer from a group of investors led by Edgar Bronfman Jr. Paramount's class A shares closed 7.3% lower Tuesday.

American Woodmark (AMWD) shares slumped almost 11% after the cabinet maker's fiscal first-quarter results dropped year over year, while the company lowered its full-year guidance amid weakness in the home remodeling market.

Gold rose 0.2% to $2,560.60 per troy ounce, while silver was little changed at $30.46 per ounce.