4:20pm: Big day of earnings due
Wall Street found its footing Tuesday, with the major U.S. indexes closing higher as investors recovered from the previous session’s technology-sector liquidation and looked ahead to a major round of corporate earnings.
The Dow Jones Industrial Average rose 160 points, or 0.3%, to 53,577. The S&P 500 gained 24 points, also up 0.3%, to 7,677, while the Nasdaq led the way with a 0.7% advance, climbing 171 points to 26,151.
The rebound came as oil prices fell to a one-week low and the benchmark 10-year Treasury yield moved lower, helping ease some of the pressure that had weighed on equity valuations. Technology stocks, which had been at the center of Monday’s sell-off, also bounced back.
Still, investors remained cautious as US-Canada trade tensions continued to simmer and markets prepared for one of the busiest stretches of the earnings calendar.
The spotlight now turns to corporate results. Intuit and Zoom are set to report after Tuesday’s closing bell. On Wednesday morning, investors will hear from Williams-Sonoma, Abercrombie & Fitch (NYSE:ANF) and Bath & Body Works.
But the main event comes Wednesday evening, when Nvidia reports alongside CrowdStrike, Salesforce and HP. Nvidia’s results in particular will be closely watched as investors look for fresh evidence that the artificial intelligence boom still has plenty of momentum.
For now, Wall Street heads into Wednesday with the major indexes back in positive territory, but with plenty of potential catalysts ahead that could quickly set the market’s next direction.
3:45pm: Small cap wrap
- Nine Mile Metals Ltd. (CSE:NINE, OTCID:VMSXF, FRA:KQ9) reported two volcanogenic massive sulphide zones at its Wedge Mine in New Brunswick, with drilling intersecting 42.85 metres of combined mineralization containing copper, lead, zinc, silver and gold.
- 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) reported multiple high-grade gold intercepts from drilling at the SAM W target within its True North Gold Project in Manitoba, including 11.31 grams per tonne gold over 1.70 metres.
- American Resources Corp (NASDAQ:AREC) said it and its strategic investee ReElement Technologies will participate in two industry conferences focused on domestic critical mineral supply chains, industrial capacity and international investment.
- 374Water Inc (NASDAQ:SCWO, FRA:8LL) completed three phases of its AirSCWO biosolids treatment campaign in St. Cloud, Minnesota, under a $600,000 contract focused on destroying PFAS and other organic waste streams, and has begun a fourth phase.
- EnWave Corp (TSX-V:ENW, OTC:NWVCF, FRA:E4U) announced that Mexico-based food technology company Loovies has launched Loovies Styx, a whole fruit and vegetable snack produced using EnWave’s Radiant Energy Vacuum technology.
2:35pm: Market movers
- Dick's Sporting Goods (NYSE:DKS) shares plunged more than 27% after second-quarter earnings missed expectations due to weakness at Foot Locker, prompting the retailer to cut its full-year outlook.
- Apnimed shares rose 8% after BofA Securities initiated coverage with a Buy rating and $41 price target, citing the potential of its oral obstructive sleep apnea therapy Oxnimbi.
- Bank of Nova Scotia (TSX:BNS) reported record quarterly earnings that beat expectations, driven by stronger-than-expected capital markets performance, with adjusted EPS of $2.28 and net income rising to $2.95 billion.
- Nine Mile Metals Ltd. (CSE:NINE, OTCID:VMSXF, FRA:KQ9) reported two volcanogenic massive sulphide zones at its Wedge Mine in New Brunswick, with drilling intersecting 42.85 metres of combined mineralization containing copper, lead, zinc, silver and gold.
- 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) reported multiple high-grade gold intercepts from eight drill holes at the SAM W target within its True North Gold Project in Manitoba, including 11.31 grams per tonne gold over 1.70 metres.
- American Resources Corp (NASDAQ:AREC) said it and its strategic investee ReElement Technologies will participate in defense and critical minerals conferences focused on strengthening domestic supply chains, industrial capacity and international investment.
- 374Water Inc (NASDAQ:SCWO, FRA:8LL) completed three phases of its AirSCWO biosolids treatment campaign in St. Cloud, Minnesota, under a $600,000 contract focused on destroying PFAS and other organic waste streams, and has begun a fourth phase.
- Generate Biomedicines shares jumped more than 20% as investors positioned ahead of the expiration of its post-IPO lock-up period, which will allow insiders and early investors to sell shares.
1:30pm: Trump's auto tariff threat
President Trump's threat of 50% tariffs on Canadian autos and auto parts is more of a negotiating tactic than a settled policy, UBS analysts believe.
In a note Tuesday, the bank argues that the January 1, 2027 start date functions as pressure to restart trade talks rather than a firm commitment, and that the impact would fall unevenly across automakers rather than hit the industry as a whole.
The threat followed a weekend breakdown in US-Canada trade talks, with tariffs on large trucks reported as a main sticking point, just as the two sides appeared close to a deal that would have cut tariffs on Canadian-made vehicles to 15% from the current 25% for non-US content.
12:15pm: Bitcoin stabilizes
“Bitcoin's swift rally is encountering sellers around the $80,000 mark as some traders take money off the table ahead of Thursday and Friday's Jackson Hole Economic Symposium at which it is hoped that US Fed Chair Kevin Warsh will enlighten investors about the future path of US monetary policy," said Axel Rudolph, Chief Technical Analyst at online trading and investing platform IG.
"Meanwhile US home prices are rising at their fastest pace in a year as new home sales fall to a 6-month low. Softer US Treasury yields helped equities recoup some of their recent losses, as did German business sentiment which rose for a fourth straight month to hit a 1-year high.”
11:00am: Consumer confidence falls
US consumer confidence and new home sales both came in below expectations in August, adding to signs of caution among households.
Consumer confidence fell to 89.4, versus expectations for 90.2, while July new home sales came in at an annualized rate of 607,000, below the 620,000 forecast.
Jeffrey Roach, chief economist at LPL Financial, said consumers remain relatively upbeat about current conditions but are becoming increasingly concerned about the outlook. Future expectations fell to their lowest level since January, with Middle East tensions and concerns about income weighing on sentiment.
Roach noted that while employment conditions remain solid, weakening expectations for income growth could become a headwind for consumer spending. LPL currently expects the US economy to grow at a 2.1% annualized rate in the third quarter.
10:00am: Bright start
Wall Street opened higher on Tuesday as technology stocks staged a rebound, while falling oil prices and Treasury yields gave investors another reason to edge back into risk assets.
The Dow Jones gained 37 points, or 0.1%, to 53,454. The S&P 500 rose 20 points, or 0.3%, to 7,673, while the Nasdaq led the way with a 0.6% gain, adding 152 points to reach 26,132.
The early move higher comes after recent weakness in the technology sector, with investors cautiously stepping back into growth stocks. Lower Treasury yields are also helping the mood, while declining oil prices have eased some of the inflation concerns that have been hanging over markets.
Still, the gains come with a degree of caution. Traders are largely waiting on the sidelines ahead of major corporate earnings and crucial inflation data later this week, both of which could help determine the next direction for stocks.
Zaheer Anwari, co-founder and CEO of The Revacy Fund, said markets are entering a potentially volatile period.
“Financial markets are heading into a heavy run of catalysts following their reaction to Treasury Secretary Scott Bessent’s moves on long-dated Treasury buybacks and the latest sanctions against Iran,” Anwari said. “Nvidia’s earnings on Wednesday, fresh US inflation data and Fed Chair Kevin Warsh’s Jackson Hole address on Friday could all generate further volatility as the week develops.”
The dollar has also strengthened this week after a weaker run through much of August, with the latest sanctions against Iran providing renewed support for the greenback.
“Bessent warning that entities helping Tehran circumvent restrictions could ultimately be cut off from the US dollar payments system,” Anwari said. “The move is another reminder of the structural importance of the dollar within the global financial system, while safe-haven demand could provide further support if tensions escalate.”
One notable loser in early trading was Dick's Sporting Goods, whose shares plunged more than 26% after the athletic retailer missed expectations with its second-quarter results and cut its full-year outlook. The company pointed to aggressive discounting from competitors and weakness in its footwear business as key factors behind the more cautious forecast.
For now, though, the broader market is enjoying a modest rebound, with the Nasdaq leading the charge as investors look past recent tech-sector weakness and focus on the busy days ahead.
Ahead of the bell
Not a stellar start to the day for Dick's Sporting Goods. Shares in the retailer plunged 17% before the bell after it missed second-quarter numbers and hacked its full-year earnings guidance.
Blame discounting rivals, thin product launches and a Foot Locker business that is dragging on comparable sales.
Elsewhere, futures were feeling brighter. Dow and S&P 500 contracts crept up 0.3%, while the Nasdaq 100 gained 0.7% as it dusted itself off after Monday's tech wobble.
Asia was less convincing, falling broadly after Treasury Secretary Scott Bessent unveiled fresh sanctions on Iran.
Nvidia, meanwhile, has now managed seven straight down days ahead of earnings, which is quite the run-up for the most-watched results in the market.
Bitcoin is having none of the gloom, vaulting above $80,000 for the first time in three months as Treasury bond market intervention stirred dollar debasement chatter.
Gold rallied too, then paused for breath. New home sales, ADP employment and manufacturing data all land today, teeing up Wednesday's PCE inflation print and Jackson Hole, where Kevin Warsh gives his first speech as Fed chair.
Intuit and Zoom report after the close.