US stocks experienced modest gains, with the Dow Jones Industrial Average reaching a new all-time high, largely driven by Nvidia's impressive performance as it prepares to report its quarterly earnings. Nvidia's stock has surged 159% this year, making it the most-traded stock in the US, and its upcoming earnings report is considered pivotal for the tech sector and AI market. Analysts expect Nvidia to report significant earnings growth, but concerns about rising expenditures in AI by major companies like Microsoft and Alphabet loom over market sentiment. While consumer confidence has risen, so has the unemployment rate, prompting speculation about potential interest rate cuts by the Federal Reserve in September. As investors await key economic data, UBS has raised the likelihood of a US recession to 25%, highlighting ongoing labor market concerns. Overall, despite positive stock performances, cautious sentiment prevails ahead of Nvidia's earnings announcement and broader economic indicators.