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Wall Street: Nvidia rebounds after the fall and boosts technology companies

Wall Street: Nvidia rebounds after the fall and boosts technology companies
Wall Street: Nvidia rebounds after the fall and boosts technology companies

The actions in Wall Street are stable this Tuesday, with the Nvidia chipmaker seeking a cautious recovery after a three-day decline and while investors adjusted their portfolios at the end of the quarter.

He Nasdaq Compositepredominantly technological (^IXIC), rises more than 1%, while the benchmark index S&P 500 increases 0.3%. The Dow Jones Industrial Average (^DJI) is the only major index in the red, falling about 0.3% after rising more than 200 points at the beginning of the week.

Thus, stocks show a more optimistic outlook after the Nasdaq and S&P 500 suffered falls due to Nvidia’s slip, which affected the technological rally that has driven profits this year. Investors are seen as taking profits made in names linked to the AI As a spectacular quarter concludes, raising the question of whether recent losses will continue. Shares of the AI ​​favorite are up more than 3%, after a drop of more than 6% on Monday.

Recovery of the Dow and key data for the market

At the same time, the Dow appears to be finding its footing amid the shift from tech to value stocks, reinforcing the idea of ​​gains spreading to other sectors.

On the other hand, the update of the Personal Consumption Expenditure (PCE) index is expected on Friday, an inflation indicator preferred by the Federal Reserve. Gov. Michelle Bowman emphasized Tuesday that she is willing to raise interest rates if keeping them stable fails to control price pressures.

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In economic data, home prices hit a new record 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 fromIt highlighted cracks in the previous resistance. According to the latest reading from the Conference Board, the index was 100 for the month of June, down from 101.3 in May. The results were in line with what economists surveyed by Bloomberg expected.

Confidence retreated in June, but remained within the same narrow range it has held for the past two years, as strength in views about the current labor market continued to outweigh concerns about the future,” Dana M. Peterson, chief economist at The Conference Board, said in the data release. “However, if significant weaknesses appear in labor market, confidence could weaken as the year progresses.”

Source: Ambito

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