Monday saw a mixed performance in Wall Street’s main indices. The Nasdaq experienced an upswing due to gains in Nvidia (NASDAQ: NVDA) ahead of its earnings release this week. Meanwhile, investors were waiting for a meeting of central bankers for more clues on the U.S. interest rate path.

Last week, Nvidia notably surpassed its megacap counterparts by achieving almost a 6% increase in gains. During this period, Nvidia’s stock climbed by 4.5% afyerHSBC’s upward revision of its price target for the company’s shares to $780, securing the second-highest position among Wall Street’s projections.

In its upcoming Wednesday report, the company is anticipated to present a quarterly revenue forecast that exceeds analysts’ predictions. Its results will help determine whether this year’s stock market rally will continue, fueled by optimism around the potential for artificial intelligence.

“(Nvidia earnings) are important for the next step in the marmarket. Ifey were to disappoint, you would see risk-off (sentiment) for many days until we get more information from the Fed on Friday,” said Thomas Hayes, Great Hill Capital LLC chairman.

Other growth stocks that had experienced declines also rebounded, including Tesla (NASDAQ:TSLA), which broke its six-session losing streak to climb by 4.4% after brokerage Baird Equity Research added the stock to its “best ideas” list.

As of 11:45 a.m. ET, the Dow Jones Industrial Average had declined by 217.62 points, equivalent to 0.63%, at 34,283.04. The S&P 500 had also slipped by 6.86 points, or 0.16%, at 4,362.85. On the other hand, the Nasdaq Composite exhibited a rise of 40.77 points, or 0.31%, at 13,331.55.

Within the S&P 500, the information technology sector, including Nvidia, witnessed a 0.7% rise. However, the real estate and utilities sectors had a negative effect, with both experiencing declines of over 1%.

Investors are presently in anticipation of insights from Federal Reserve Chair Jerome Powell, who is expected to speak on Friday during a meeting of central bankers at Jackson Hole in Wyoming, starting on August 24th. These remarks are eagerly awaited to clarify the potential direction of interest rates.

This year’s strong advance in equities on signs of cooling inflation has stalled in August, with the S&P 500 losing more than 5% from its intra-day high in late July.

Exerting pressure on stocks, the yield of the 10-year note reached a 15-year peak of 4.35% on Monday. This increase was driven by recent indications of a robust U.S. economy, which have raised concerns about the possibility of the Federal Reserve keeping interest rates at higher levels for an extended duration.

According to the CME Group’s (NASDAQ:CME) Fedwatch tool, traders’ expectations for a rate hike pause in September were approximately 86.5%.

Among other stocks, Palo Alto Networks (NASDAQ:PANW) jumped 15.9% as the cybersecurity firm forecast annual billings above expectations.

The Dow experienced a drop due to a 2.6% loss in Johnson & Johnson’s shares. The healthcare conglomerate revealed its intention to maintain a stake of around 9.5% in its recently separated consumer health unit, Kenvue.

Also hurting the cyclicals-heavy index was a 1.4% fall in Goldman Sachs after the Wall Street bank said it was weighing the sale of a part of its wealth business.

VMware (NYSE:VMW) gained 4.1% after UK’s competition regulator cleared Broadcom (NASDAQ:AVGO)’s purchase of the cloud computing firm.

Declining issues outnumbered advancers by a 2.38-to-1 ratio on the NYSE and a 1.46-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week high and 18 new lows, while the Nasdaq recorded 27 new highs and 141 new lows.