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Paramount Global ( PARAA ) slips after Bronfman abandons bid

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Super Micro falls as Hindenburg discloses short position

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Indexes off: Dow 0.20%, S&P 0.03%, Nasdaq 0.03%

(Updated at 11:33 a.m. ET/1533 GMT)

By Johann M Cherian and Purvi Agarwal

Aug 27 (Reuters) - Wall Street's main indexes were flat

on Tuesday as caution prevailed ahead of a highly anticipated

earnings report from Nvidia ( NVDA ) and key economic data expected later

in the week.

The benchmark S&P 500 and the Nasdaq

see-sawed between marginal gains and losses, with focus on the

upcoming quarterly report from AI chip firm Nvidia ( NVDA ) that

is due on Wednesday.

The chip designer's shares reversed early losses in choppy

trading and were last up 1.1%. The Philadelphia SE Semiconductor

index rose 0.4%.

Nvidia ( NVDA ) is likely to report that its quarterly revenue more

than doubled and even a slight miss could affect megacap growth

stocks that have spearheaded the recent bull-market rally.

"Most of the nervousness is waiting around for Nvidia ( NVDA ). The

high expectations have generally been met, but it's going to be

a good read through to how robust AI is," said Paul Nolte,

senior wealth advisor and market strategist for Murphy &

Sylvest.

At 11:33 a.m. ET, the Dow Jones Industrial Average

was down 81.17 points, or 0.20%, at 41,159.35, the S&P 500

was down 1.91 points, or 0.03%, at 5,614.93, and the

Nasdaq Composite was down 5.56 points, or 0.03%, at

17,720.21.

Tech stocks led sectoral gains with a 0.3% rise.

However, gains on the benchmark S&P 500 were limited by a 0.8%

decline in consumer discretionary shares, weighed down

by a 1.6% fall in Amazon.com ( AMZN ).

The blue-chip Dow had closed at a record high on Monday, for

the first time in more than a month, on optimism about lower

borrowing costs starting next month following U.S. Federal

Reserve Chair Jerome Powell's endorsement last week.

Traders are now betting on either a 25-basis point or a

50-basis point interest rate cut in September. Odds of the

former stand at a higher 65.5%, while those of a 50-bps cut are

at 34.5%, according to CME Group's Fed Watch tool.

Analysts say the next major catalyst will most likely be the

July Personal Consumption Expenditure data due on Friday.

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 ( PARAA ) slid 5.6% 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 extended declines from the previous session

and fell 2% 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 ) lost 3.1% after short seller

Hindenburg Research said it had a short position in the AI

server maker.

The PHLX Housing index lost 1.4% after data showed

single-family home prices fell in June as higher mortgage rates

weighed on demand.

Declining issues outnumbered advancers for a 1.69-to-1 ratio

on the NYSE and a 2.09-to-1 ratio on the Nasdaq.

The S&P index recorded 38 new 52-week highs and one new low,

while the Nasdaq recorded 38 new highs and 41 new lows.