Stock Markets: Everyone’s waiting for Nvidia

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Another Dow record
Stocks edged higher ahead of Nvidia’s earnings report. The Dow Jones Industrial Average eked out a 0.02% increase, marking its second consecutive record close. The S&P 500 and Nasdaq Composite both rose 0.16%. Nvidia shares climbed 1.5% as investors look to the chip giant’s earnings release expected Wednesday. Meanwhile, the yield on the 10-year Treasury rose slightly, while U.S. oil prices fell 2.2% on the hope Libya’s production halt would be temporary.

‘Most important stock’
Nvidia has been volatile of late. The AI chipmaker’s market cap has increased ninefold since 2022 and briefly became the world’s most valuable public company. But soon after the stock dropped nearly 30% over seven weeks, losing $800 billion in value. The stock has since rebounded to within 7% of its all-time high. With quarterly results due Wednesday, Wall Street is focused on Nvidia’s performance, as it could impact the broader market. “It’s the most important stock in the world right now,” EMJ Capital’s Eric Jackson told CNBC. “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 takes a look at what to expect from Nvidia’s earnings.

Asia dips amid some bright spots
Asia-Pacific markets mostly fell Wednesday. Australia’s S&P/ASX 200 dropped around 0.2% after the country reported a 3.5% year-on-year increase in its July CPI, above the 3.4% expected. Not all’s bad in the region, though. Shares of JD.com climbed around 1.4% after the Chinese online retailer announced a $5 billion buyback, while Xpeng shares popped close to 2.3% after the Chinese automaker announced a new mass-market car.

Cryptocurrencies stumble
The price of bitcoin fell around 4.2%, as of publication time, to $59,412.14, according to Coin Metrics. Ether tumbled around the same percentage to end up at $2,478.88. “Crypto markets moved down sharply, triggering a leverage driven liquidation,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin. “The move appears to have been kicked off by a material drop by Ethereum, which has been struggling all year versus bitcoin.”

Nordstrom soars 
Nordstrom shares surged more than 7% in extended trading after the retailer posted earnings that exceeded Wall Street expectations. The retailer reported adjusted earnings of 96 cents per share, above analysts’ estimates, on revenue of $3.89 billion, up 3.4% from a year ago. Despite the earnings beat, Nordstrom provided cautious full-year guidance, expecting adjusted EPS between $1.75 and $2.05 and sales…