The Nasdaq rose more than 1% on Tuesday, driven by strength from Nvidia and other mega-caps, while the Dow slipped as investors awaited key inflation data this week for insights into US monetary policy. Nvidia’s stock jumped 6%, recovering from recent losses, but is still below last week’s all-time high. Other tech companies like Arm Holdings, Broadcom, and Applied Materials also saw gains, boosting the Semiconductor Index. Megacaps such as Alphabet and Meta Platforms also rose, helping the communication services index climb. The technology sector led gains, recovering from a recent decline. The Dow Jones and small-cap index retreated from recent highs, while the Transportation Average fell 1.5%. FedEx declined ahead of its quarterly results. The S&P 500 and Nasdaq reached record highs this year, driven by technology and growth stocks, but concerns remain about the Dow’s underperformance. The upcoming PCE price index on Friday could impact Fed rate decisions. By midday, the S&P 500 was up 0.32% and the Dow up 1.21%. Spirit AeroSystems fell 5.3% after a report of a possible acquisition by Boeing. Carnival Corp gained 7.4% after raising its profit forecast, while Walmart fell 2.5%. Overall, declining stocks outnumbered advancing ones on the NYSE and Nasdaq. The S&P index recorded new highs and lows, while the Nasdaq also saw new highs and lows.
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Strength of Nvidia and megacaps drive Nasdaq recovery, Dow retreats: Reuters
