**Another Record for the Dow**

In a modest yet significant move, stocks climbed higher as investors eagerly awaited Nvidia’s highly anticipated earnings report. The Dow Jones Industrial Average inched up by a slight 0.02%, achieving its second consecutive record close. Similarly, the S&P 500 and the Nasdaq Composite both experienced gains, rising by 0.16%. Nvidia’s shares saw a notable increase of 1.5%, driven by investor optimism surrounding the upcoming earnings release scheduled for Wednesday. Concurrently, the yield on the 10-year Treasury note experienced a minor uptick, while U.S. oil prices declined by 2.2%, fueled by hopes that Libya’s production halt would be short-lived.

**Nvidia: The Pivotal Stock**

Nvidia, the renowned AI chipmaker, has recently exhibited considerable volatility. Since 2022, its market capitalization has surged ninefold, briefly earning it the title of the world’s most valuable public company. However, this triumph was short-lived as the stock plummeted nearly 30% over seven weeks, resulting in an $800 billion loss in value. Despite this setback, Nvidia has rebounded to within 7% of its all-time high. With its quarterly results expected on Wednesday, Wall Street is intently focused on Nvidia’s performance, which could have far-reaching implications for the broader market. EMJ Capital’s Eric Jackson emphasized its importance, stating to CNBC, “It’s the most important stock in the world right now. If they lay an egg, it would be a major problem for the whole market. I think they’re going to surprise to the upside.” CNBC’s Kif Leswing provides insights into what can be expected from Nvidia’s earnings.

**Asia-Pacific Markets Show Mixed Performance**

Wednesday saw a mixed bag for Asia-Pacific markets, with most experiencing declines. Australia’s S&P/ASX 200 fell by approximately 0.2% following a report that indicated a 3.5% year-on-year increase in its July Consumer Price Index (CPI), surpassing the anticipated 3.4%. However, there were some bright spots in the region. Shares of JD.com rose by about 1.4% after the Chinese e-commerce giant announced a $5 billion buyback plan. Additionally, Xpeng’s shares surged by nearly 2.3% after the Chinese electric vehicle manufacturer revealed plans for a new mass-market car.

**Cryptocurrency Market Faces Turbulence**

The cryptocurrency market experienced a significant downturn, with Bitcoin’s price dropping by approximately 4.2% to $59,412.14, as reported by Coin Metrics. Ether faced a similar decline, ending up at $2,478.88. Steven Lubka, head of private clients and family offices at Swan Bitcoin, explained the situation: “Crypto markets moved down sharply, triggering a leverage-driven liquidation. The move appears to have been kicked off by a material drop in Ethereum, which has been struggling all year versus Bitcoin.”

**Nordstrom’s Impressive Earnings**

Nordstrom shares experienced a substantial boost, soaring over 7% in extended trading following the release of earnings that surpassed Wall Street expectations. The retailer reported adjusted earnings of 96 cents per share, exceeding analysts’ estimates, on revenue of $3.89 billion—a 3.4% increase from the previous year. Despite this positive performance, Nordstrom issued cautious full-year guidance, projecting adjusted EPS between $1.75 and $2.05 and sales ranging from a 1% decline to 1% growth.

**Renewed Confidence in Nvidia**

As anticipation builds for Nvidia’s earnings announcement slated for Wednesday after U.S. markets close, concerns linger about whether the company can sustain its remarkable momentum. In a show of confidence, Truist Securities has raised its price target for Nvidia, signaling strong faith in the company’s future performance amidst widespread speculation.