The S&P 500 ended higher on Tuesday and the Dow Jones notched a record-high close ahead of a much-anticipated quarterly report from Nvidia on Wednesday and economic data expected later in the week that could give clues about the path of interest rate cuts.

Market Snapshot

The S&P 500 climbed 0.16% to end the session at 5,625.80 points. The Nasdaq gained 0.16% to 17,754.82 points, while the Dow Jones Industrial Average rose 0.02% to 41,250.50 points, closing for the second day in a row at a record high.

Market Movers

Shares of Nvidia, the maker of chips that are the favored choice for training artificial-intelligence systems, rose 1.5%. The stock fell 2.3% on Monday along with other chip and server stocks. Nvidia is scheduled to report second-quarter earnings after the closing bell Wednesday with profit and revenue   in the periodexpected   to more than doublefrom a year earlier.

Super Micro Computer fell 2.6% after short seller Hindenburg Research issued areportthat alleged accounting red flags, undisclosed related party transactions, and export control failures at the server maker. Super Micro told   Barron ’ s   it doesn ’ t comment on "rumors and speculation." Super Micro shares fell 8% on Monday.

Shares of Ambarella $ ( AMBA ) $ soared 19% after the semiconductor design company posted better-than-expected second-quarter results and projected revenue growth well above Wall Street expectations.

Apple  named Kevan Parekh as its next chief financial officer, succeeding Luca Maestri, who will transition to lead the tech giant ’ s corporate-services team. Parekh, who will take over as finance chief on Jan. 1, serves as Apple ’ s vice president of financial planning and analysis. The stock was up 0.4%. Apple announced earlier Monday thenext iPhone launch eventhas been scheduled for Sept. 9.

Paramount Global was down 7.2% after Edgar Bronfman   Jr. said he was abandoning hisbiddingfor   National Amusements, through which Shari Redstone and her family control entertainment company Paramount.   Bronfman ’ s decision paves the way for Paramount to be sold to   David Ellison ’ s   Skydance Media.

American depositary receipts of JD.com rose 2.3% after the Chinese e-commerce company announced a new program tobuy back up to $5 billion of stock.

Eli Lilly was up 0.4% after the pharmaceutical company announced that weight-loss drug Zepbound was available in 2.5 mg and 5 mg single-dose vials priced at a 50% or more discount to other weight-loss drugs for self-pay patients with an on-label prescription. The news was hitting Hims & Hers stock, which was down 7.6%. Hims & Hersstarted selling a copycat version   of Novo Nordisk ’ s weight-loss drug Wegovy earlier this year.

U.S.-listed shares of Trip.com rose 8.6% after the Chinese travel company posted strongsecond-quarter earningsas revenue jumped 14% on growth in accommodation bookings and packaged tours.  

Cava fell 6.1% after executives at the fast-casual Mediterranean restaurant chain, including CEO Brett Schulman,disclosed stock sales. The stock has rallied since Cava last week reported strong second second-quarter earnings and boosted guidance for 2024. Schulman sold 210,504 shares for nearly $24.9 million, according to a regulatory filing.

Hershey was downgraded to Sell from Neutralat Citi and the firm reduced its target price to $182 from $195. Citi said it sees a "challenging year for gross margin" given Hershey ’ s recently announced pricing plans for 2025 that "will likely not be enough to offset cocoa inflation," especially in the first half of 2025. Hershey shares declined 2.7% to $191.13.

Leslie ’ s, a retailer of swimming pool supplies, named Jason McDonellas chief executive. McDonell was executive vice president of merchandising, marketing, and e-commerce at Advance Auto Parts. McDonell, whose appointment is effective Sept. 9, succeeds Michael Egeck, who leaves the company a little more than a month after Leslie ’ s slashed its fiscal-year outlook. The stock was down 9.1%.

Insulet was up 6.6% after the automated insulin technology developer said its Omnipod 5 Insulin Systemreceived approvalfrom the Food and Drug Administration.

Market News

Intel board member quit after differences over chipmaker's revival plan

The sudden resignation of a high-profile Intel board member came after differences with CEO Pat Gelsinger and other directors over what the director considered the U.S. company ’ s bloated workforce, risk-averse culture and lagging artificial intelligence strategy, according to three sources familiar with the matter.

Lip-Bu Tan, a semiconductor industry veteran, had said he was leaving the board because of a personal decision to "reprioritize various commitments" and that he remained "supportive of the company and its important work," in a regulatory filing on Thursday.

Nasdaq seeks SEC approval for bitcoin index options

Nasdaq is seeking the green light from regulators to launch and trade options on a bitcoin index, the exchange operator said on Tuesday.

The U.S. Securities and Exchange commission has yet to approve options based on any of the individual exchange-traded funds tied to spot bitcoin prices that made their debut in January, including a Nasdaq application to trade options on BlackRock's $21.3-billion iShares Bitcoin Trust ETF.