Stocks gain as investors await key inflation data, Nvidia and Tesla lead

The Dow Jones Industrial Average and other major indexes posted gains on Tuesday as investors prepared for an important inflation report from the Labor Department later in the morning.

Nvidia (NVDA) and Tesla (TSLA) were among the early winners in the stock market, News.Az reports, citing foreign media.

Ahead of the opening bell, Dow Jones futures rose 0.1% vs. fair value, along with S&P 500 futures. Tech-heavy Nasdaq 100 futures gained 0.2% vs. fair value in morning trades.

The 10-year Treasury yield ticked lower to 4.79% early Tuesday, holding at its highest level since November 2023. And oil prices eased but remain near recent highs, with West Texas Intermediate futures trading around $78.25 per barrel.

Among exchange traded funds, the Invesco QQQ Trust (QQQ) rose 0.2%, as the SPDR S&P 500 ETF (SPY) moved up 0.2% ahead of the open.

Nvidia rebounded 1.3% Tuesday morning, looking to snap a four-day losing streak.

Shares decisively gave up their 50-day moving average Monday, with a 3% tumble. They also fell more than 7% below a double-bottom entry at 146.54, which is a sell signal. That means the latest breakout attempt in Nvidia stock has failed and investors will need to be patient and wait for another entry.

Tesla stock rallied 2.2% Monday, bouncing back from recent losses and holding above its Jan. 2 low. Shares are more than 17% off their all-time high, which was set on Dec. 18.

The electric-vehicle giant looked to extend those gains Tuesday, as it raced 1.2% higher in premarket trading.

News.Az