The Globe and Mail reports in its Wednesday edition that the tech-heavy Nasdaq closed higher on Tuesday, leading gains on Wall Street amid investor excitement about artificial intelligence before earnings reports from megacap technology companies Alphabet and Microsoft after the bell. A Reuters dispatch to The Globe says that Toronto closed with a modest loss, but found support from a rally in the materials sector after China pledged to step up policy support for its resource-hungry economy. Both Microsoft and Alphabet have launched an array of AI products since OpenAI, backed by Microsoft, released ChatGPT in late 2022. Investors expect the new products will help tech giants offset a slowdown in their cloud businesses. Investors also have hopes for an end to the U.S. Federal Reserve's tightening cycle. With the central bank on track for another 25-basis-point interest-rate increase on Wednesday, policy-makers face a choice over how much weight to put on recent economic data. A survey Tuesday showed U.S. consumer confidence increased to a two-year high in July, amid continued optimism about the labour market despite worries about a recession. The S&P/TSX Composite Index ended down 0.15 per cent.