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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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S&P 500 +0.25%, Nasdaq +0.34%, Dow -0.02%

(Updated at 2:10 p.m. EDT/1810 GMT)

By Noel Randewich

Aug 27 (Reuters) - The S&P 500 rose on Tuesday in mixed

trading ahead of a highly anticipated quarterly report from

Nvidia ( NVDA ) on Wednesday and economic data expected later in the

week.

The benchmark S&P 500 and the Nasdaq seesawed

between gains and losses, with the focus on results on Wednesday

from Nvidia ( NVDA ), the heavyweight chipmaker at the center of

Wall Street's rally in AI-related stocks.

Nvidia's ( NVDA ) shares were last up 2%, and it was the most traded

company on U.S. stock exchanges, according to LSEG data.

Up 161% in 2024, Nvidia ( NVDA ) 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 ),

Alphabet and other heavyweights in their race to

dominate emerging AI technology.

"There's a really, really high bar to clear for not just

Nvidia's ( NVDA ) 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.

The Dow Jones Industrial Average dipped after closing

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.

The S&P 500 was up 0.25% at 5,630.64 points.

The Nasdaq gained 0.34% to 17,786.32 points, while the Dow

Jones Industrial Average was down 0.02% at 41,233.93 points.

Of the 11 S&P 500 sector indexes, six rose, led by

information technology, up 0.81%, followed by a 0.47%

gain in financials.

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 about the path 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 ( PARAA ) slid almost 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 fell 1.5% 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 2.6% after short seller

Hindenburg Research said it had a short position in the AI

server maker.

The PHLX Housing index lost 1.1% after data showed

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

weighed on demand.

The S&P 500 posted 43 new highs and 1 new low; the Nasdaq

recorded 46 new highs and 49 new lows.