U.S. stocks were mostly steady on Tuesday as Nvidia saw a potential rebound following a recent decline, driving the Nasdaq Composite and S&P 500 higher while the Dow Jones Industrial Average lagged behind. Investors are adjusting their portfolios as the quarter comes to a close, with AI-linked stocks like Nvidia in focus. The tech sector has been a key driver of gains this year.
The Nasdaq Composite rose about 0.7%, while the S&P 500 was up 0.2%. The Dow was the only major index in negative territory, falling 0.3% after a strong start to the week. Nvidia’s stock rose more than 3% in early trading, regaining some ground after a drop the previous day.
Investors are weighing various economic indicators, including the upcoming update on the Personal Consumption Expenditure index, a key inflation figure for the Federal Reserve. The housing market remains strong, with home prices hitting a new record in April, although annual growth slowed slightly. Consumer confidence dipped in June, suggesting some concerns about the future.
Meanwhile, Treasury Secretary Janet Yellen warned of the expiration of Trump’s tax cuts in 2025, which could impact the markets. Yellen highlighted the risks associated with deficit concerns and the potential return to higher tax rates if the cuts are not extended. Nvidia’s recent pause in its stock price was analyzed by technical analyst Jonathan Krinsky, who noted the stock’s significant outperformance compared to historical trends.
Overall, the market appears to be adjusting to recent developments, with a focus on AI stocks like Nvidia and broader economic indicators. The tech sector’s performance will likely continue to influence market sentiment as investors navigate the end of the quarter and potential headwinds in the future.
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