Nvidia, Microsoft, Google Help Lift US Indexes Higher | Wall Street Today

The $S&P 500 Index(.SPX.US)$ rose 0.15% to 5291.34, while the $Nasdaq Composite Index(.IXIC.US)$ gained 0.17% to 16857.05. The $Dow Jones Industrial Average(.DJI.US)$ rose 0.36% to 38711.29.

Decliners far outnumbered gainers 8011 to 5323, with banks, auto manufacturers and oil and gas companies slipping. $NVIDIA(NVDA.US)$, $Apple(AAPL.US)$, $Microsoft(MSFT.US)$, $Alphabet-A(GOOGL.US)$, and $Amazon(AMZN.US)$ defied the downturn pressure.

US Treasury yields declined, with the $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ slipping to 4.768%, from the previous close of 4.802% amid speculations that a weakening labor market could help convince the Fed to start cutting interest rates in the next few months.

Traders are now pricing in a 54.9% chance that rates will fall 25 basis points by September, up from 41.7% a week ago, according to the CME FedWatch tool.

$Carnival(CCL.US)$ rallied after the company said late Monday that it will sunset its P&O Cruises Australia brand and fold those operations into the Carnival Cruise Line, increasing guest capacity for the highest-returning brand in its global portfolio. $Norwegian Cruise(NCLH.US)$, $Royal Caribbean(RCL.US)$ also.

$Bath & Body Works(BBWI.US)$ was the biggest loser on the S&P 500, slumping almost 13% after the company forecast a 2% decline in sales for the second quarter.

$GameStop(GME.US)$ and $AMC Entertainment(AMC.US)$ fell after the Wall Street Journal reported that meme trader Keith Gill, also known as "Roaring Kitty" is facing increased scrutiny scrutiny from Massachusetts Secretary of State Bill Galvin over potential manipulation. E-Trade is also reportedly trying to decide whether to ban Gill from its trading platform, according to Benzinga.