The heavyweight technology sector gained 0.4%, helped by a 3% jump in shares of Nvidia CorpNVDA.O, after HSBC raised its recommendation on the graphics chipmaker to "buy" from "reduce." The S&P 500 is trading near two-month highs as investors brace for a deluge of earnings and assess the path of interest rates ahead of an expected 25 basis point increase at the Federal Reserve's meeting early next month. St. Louis Federal Reserve President James Bullard told Reuters on Tuesday the U.S. central bank should continue raising rates on the back of recent data showing persistent inflation.