Stock market today: Nvidia rebound fuels Nasdaq rally as Dow falls 300 points
Written by worldOneFm on June 25, 2024
US stocks closed mixed on Tuesday, pulled in opposite directions by the Nasdaq and the Dow, as AI chipmaker Nvidia (NVDA) rebounded from a three-day skid to surge nearly 7%.
The tech-heavy Nasdaq Composite (^IXIC) finished the day up roughly 1.3%, while the benchmark S&P 500 (^GSPC) rose around 0.4%, both breaking three-session losing streaks. The Dow Jones Industrial Average (^DJI) remained the only major index in the red, slipping 0.8%, or about 300 points, after a surge to start the week.
On Monday, the Nasdaq and S&P 500 took a bruising as Nvidia’s slide dented the tech rally that has powered gains this year. Investors are seen as taking profits scored in AI-linked names as a stellar quarter draws to a close, raising the question of whether recent losses have further to go.
Elsewhere, the wait is on for Friday’s update to the Personal Consumption Expenditures (PCE) index, a favored inflation input for the Federal Reserve. Governor Michelle Bowman on Tuesday stressed she’s willing to hike interest rates if holding them steady fails to bring price pressures under control.
On the economic data front, home prices set a new record high in April although annual growth slowed from the previous month, according to the S&P CoreLogic Case-Shiller report.
Meanwhile, a reading on consumer confidence highlighted cracks in previous resilience. According to the latest reading from the Conference Board, the index came in at 100 for the month of June, below the 101.3 seen in May. The results were in line with what economists surveyed by Bloomberg had expected.
Wall Street
