NEW YORK: Wall Street stocks advanced early Wednesday, digesting mixed results from retailers ahead of a closely watched report from artificial intelligence leader Nvidia.
Stocks have struggled to gain traction in August following a positive run in the first seven months of 2023. But yields on the 10-year US Treasury note – which have hit multi-year highs in recent days – retreated.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 34,373.68.
Wall Street’s main indexes pare gains
The broad-based S&P 500 advanced 0.5 percent to 4,407.11, while the tech-rich Nasdaq Composite Index gained 0.7 percent to 13,595.96.
All eyes will be on the earnings report later today from chip company Nvidia.
The week’s other heavily anticipated event will be Federal Reserve Chair Jerome Powell’s address at a conference in Jackson Hole, Wyoming on Friday.
In earnings news, Foot Locker sank more than 34 percent as it reported a quarterly loss of $5 million, while noting a “softening” in business trends in July.
But Abercrombie & Fitch surged more than 18 percent as it swung to profitability in the second quarter on higher sales. The apparel retailer reported “strong customer receptivity of our brands and product.”
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