US stocks closed mixed on Tuesday, with the Dow Jones Industrial Average falling by 0.8 percent and the S&P 500 rising by 0.4 percent. The Nasdaq saw a significant boost of 1.3 percent thanks to Nvidia’s reversal of a recent decline, closing the day almost seven percent higher.
Investors also took note of consumer confidence data, which indicated a slight decrease in optimism about the US economy. The upcoming release of the Federal Reserve’s inflation gauge on Friday is eagerly anticipated, with economists expecting a modest decline in the annual inflation rate.
Inflation remains a key focus for investors, according to Spartan Capital Securities chief economist Peter Cardillo. Individual stocks that saw notable movements included Nvidia with a 6.8 percent increase, cruise companies Carnival and Norwegian with gains of 8.7 percent and 5.1 percent respectively. On the other hand, Pool Corp experienced an eight percent drop in its share price after revising its guidance for the year.
Overall, the market’s performance demonstrated a mix of positive and negative movements, with attention shifting towards key economic indicators like inflation in the coming days.
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