Shares rose midday ahead of Nvidia’s earnings, which will be released after the market close and will be scrutinized as a bell for popular artificial intelligence trading.
Investors had several quarterly reports to digest. Retailers including Foot Locker, Abercrombie & Fitch and Advance Auto Parts reported mixed results, painting a complicated picture of consumer health.
The Dole Brothers report shows that despite rising mortgage rates, homebuilding remains a point of strength in the economy. The Mortgage Bankers Association reported that the rate on 30-year mortgages rose to 7.3%, the highest in more than 20 years.
Stocks gained. The Nasdaq Composite advanced more than 1.5%. The S&P 500, led by technology and real estate stocks, advanced about 1%. The Dow Industrials also advanced.
US business activity rose at a weak pace in August, according to a survey of purchasing managers. The reading lifted Treasuries as yields on the 10-year benchmark fell about 0.1 percent.
European bonds also rallied After the PMI surveys, business activity is shrinking more than expected.
Peloton and Foot Locker’s results disappointed investors, sending their stocks plummeting. However, shares of Abercrombie & Fitch, Williams-Sonoma and Kohl’s rose after their own quarterly reports.
Oil pared earlier losses. Benchmark U.S. barrels rose to $79 in morning trade from $78 a barrel after the Energy Information Administration reported a larger-than-expected decline in domestic crude inventories, now at their lowest level this year.
Global stocks were mostly higher. The Stoxx Europe 600, Hong Kong’s Hang Seng Index and Japan’s Nikkei 225 all gained. The Shanghai Composite fell 1.3% to its lowest close of the year.
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