The three major stock market indices in New York closed higher. This is interpreted as the effect of anticipation in light of the upcoming second-quarter earnings report from American artificial intelligence (AI) chip manufacturer Nvidia.
On the 27th (local time), the Dow Jones Industrial Average closed at 40,565.23, up 147.16 points (0.32%) from the previous session on the New York Stock Exchange. The Standard & Poor's (S&P) 500 index rose by 15.46 points (0.24%) to 6,481.40, and the tech-heavy Nasdaq index closed up 45.87 points (0.21%) at 21,590.14.
Nvidia, which has the largest weight in the S&P 500 index, is a key indicator to gauge whether the AI theme will continue. The market is paying more attention to Nvidia's earnings outlook and the basis for projections rather than just the second-quarter results.
Nvidia is expected to release its second-quarter earnings report at 5 p.m. after the market close. The S&P 500 index hit a record high as expectations for earnings guidance were already reflected.
By sector, healthcare, industrials, and communication services showed slight declines, while the rest posted mild gains.
Seth Basham, an analyst at Wedbush, noted that "OpenAI CEO Sam Altman recently declared the AI bubble theory, but the market will continue to rise."