Nvidia (NVDA) stock rose after the AI chipmaker reported Q4 earnings that beat on both the top and bottom lines.

The tech-heavy index had risen as much as 1% earlier in the session after consecutive sharp losses for the index.

Investors will be closely watching the latest round of macroeconomic data on Wednesday, specifically January’s new home sales report at 10:00 AM ET. Economists polled by Bloomberg anticipate a reading of 680,000 units at an annualized rate, up from December’s revised figure of 625,000 units.

The last report showcased a decline in new home sales, continuing a trend that began in the latter half of 2022. This downturn can be attributed to the surge in mortgage rates, which reached 20-year highs in October 2022.

The Union Bank economists explained in a note that the escalation in interest rates, notably for adjustable-rate mortgages, is likely to exert sustained pressure on housing demand. They anticipate this to translate into a further decrease in new home sales.

In December, the median existing home price clocked in at $384,900, marking a 1.5% decrease year-over-year, according to the National Association of Realtors. This marks the ninth consecutive month of year-over-year declines in median existing home prices.

As of February 15, the 30-year fixed mortgage rate stands at 6.2%, according to the trade group Mortgage Bankers Association. This is down slightly from a high of 7.2% in November 2022, the highest level since February 2002.

The increase in mortgage rates follows the Federal Reserve's efforts to combat inflation. Since March 2022, the Fed has raised interest rates rapidly, incrementally increasing the benchmark lending rate by a total of 5 percentage points.

The rapid pace of Fed rate hikes, together with inflation remaining "sticky" above the Fed's 2% target, has led some economists to believe that the Fed might continue raising rates for longer than previously anticipated.

The latest report from the Census Bureau showcased a decline in new home sales, which fell to an annualized pace of 578,000 units in January. This figure falls short of both economists' expectations and December's revised reading.

The median new home price clocked in at $484,300 in January, sliding from December's revised median price of $490,000. Compared to January 2022, the median new home price displayed a year-over-year increase of 9.8%.

Sales of newly built single-family houses dropped 13.3% in January to a seasonally adjusted annual rate of 544,000 units. Economists polled by Bloomberg had anticipated a decline to 680,000 units, contrasting with December's revised reading of 625,000 units.

The latest report also revealed that the new home inventory at the end of January stood at 84,000 units, marking a 7.0% decrease from December. At the present sales pace, it would take around 5.8 months to exhaust the available inventory.

January saw a decline in new home sales, sliding to an annualized pace of 578,000 units. This falls short of both economists' predictions and December's revised figures.

Economists polled by Bloomberg anticipated a reading of 680,000 units, while December's new home sales were revised upwards to 625,000 units.

Sales of newly built single-family houses decreased by 13.3% in January, reaching a seasonally adjusted annual rate of 544,000 units. Economists had expected a drop to 680,000 units.

The median new home price clocked in at $484,300 in January, sliding from December's revised median price of $490,000. Compared to January 2022, the median new home price displayed a year-over-year increase of 9.8%.

The latest report from the Census Bureau showcased a decline in new home sales, which fell to an annualized pace of 578,000 units in January. This figure falls short of both economists' anticipates and December's revised reading.

The Union Bank economists explained in a note that the escalation in interest rates, notably for adjustable-rate mortgages, is likely to exert sustained pressure on housing demand. They anticipate this to translate into a further decrease in new home sales.

In December, the median existing home price clocked in at $384,900, marking a 1.5% decrease year-over-year, according to the National Association of Realtors. This marks the ninth consecutive month of year-over-year declines in median existing home prices.

As of February 15, the 30