• Paramount Global slips after Bronfman abandons bid
• Super Micro falls as Hindenburg discloses short position
• S&P 500 +0.16%, Nasdaq +0.16%, Dow +0.02%

Aug 27 (Reuters) - 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.

Heavyweight tech-related stocks were mixed, with the focus on upcoming results from Nvidia (NVDA.O) , opens new tab, the chipmaker at the center of Wall Street's rally in AI-related stocks.

Nvidia's shares climbed 1.5% and it was the most-traded company on U.S. stock exchanges, according to LSEG data.

Up 159% in 2024, Nvidia is viewed as the biggest winner so far from AI technology, and its results follow recent concerns about increases in already-hefty spending by Microsoft (MSFT.O) , opens new tab, Alphabet (GOOGL.O) , opens new tab and other major players in their race to dominate emerging AI technology.

"There's a really, really high bar to clear for not just Nvidia's earnings and guidance, but the story they tell about the state of AI that kind of lifts the tech sector out of its recent funk," said Ross Mayfield, investment strategy analyst at Baird.

Apple (AAPL.O) , opens new tab shares closed 0.4% higher, while Amazon (AMZN.O) , opens new tab dipped 1.4%.

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.

Of the 11 S&P 500 sector indexes, six rose, led by information technology (.SPLRCT) , opens new tab, up 0.63%, followed by a 0.48% gain in financials (.SPSY) , opens new tab.

Data on Tuesday showed U.S. consumer confidence rose to a six-month high in August, while consumers also became more anxious about the labor market after the unemployment rate jumped to near a three-year high of 4.3% last month.

Investors will look to July Personal Consumption Expenditure data due on Friday for additional hints at the potential pace of rate cuts.

Traders are now betting on an interest rate cut of either 25 or 50 basis points in September, according to CME Group's Fed Watch tool.

Meanwhile, UBS Global Wealth Management raised the odds of a U.S. recession to 25% from 20%, citing weakness in the labor market.

Paramount Global (PARA.O) , opens new tab slid more than 7% after Edgar Bronfman Jr. abandoned his bid for the company, clearing the way for Skydance Media to take control of Shari Redstone's media empire.

Tesla (TSLA.O) , opens new tab fell 1.9% after Canada said it will impose a 100% tariff on the imports of Chinese electric vehicles. The duties apply to all EVs shipped from China, which would include those made by Tesla.

Super Micro Computer (SMCI.O) , opens new tab declined 2.6% after short seller Hindenburg Research said it had a short position in the AI server maker.

The PHLX Housing index (.HGX) , opens new tab lost 1.2% after data showed single-family home prices fell in June as higher mortgage rates weighed on demand.

Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.1-to-one ratio.

The S&P 500 posted 50 new highs and 1 new low; the Nasdaq recorded 62 new highs and 57 new lows.

Volume on U.S. exchanges was relatively light, with 8.6 billion shares traded, compared to an average of 11.9 billion shares over the previous 20 sessions.

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https://www.reuters.com/markets/us/futures-inch-up-with-eye-interest-rates-nvidia-results-2024-08-27/