S&P 500, Nasdaq End 3-Day Losing Streak as Nvidia Bounces Back | Wall Street Today

Moomoo Recap US wrote a column · Jun 26, 2024 05:47

S&P 500, Nasdaq End 3-Day Losing Streak as Nvidia Bounces Back | Wall Street Today

Nvidia shares rebounded on Tuesday, lifting the S&P 500 and Nasdaq Composite, following a sell-off in the chipmaking giant the day before.

The broad market $S&P 500 Index (.SPX.US)$ close at 5,469.30, up 0.39%, while the $Nasdaq Composite Index (.IXIC.US)$ advanced 1.26%. Both indexes ended three days of declines. The $Dow Jones Industrial Average (.DJI.US)$ lagged, losing 0.76%.

MACRO

Federal Reserve Governor Lisa Cook said it will be appropriate to reduce interest rates "at some point," adding that she expects inflation to improve gradually this year before more rapid progress in 2025.

Meanwhile, Federal Reserve Gov. Michelle Bowman said on Tuesday that while there are still a range of potential outcomes for 2024, she doesn't expect any interest-rate cuts before year end.

SECTORS

Oil dropped as a stronger dollar and weakness in technical measures overshadowed rising geopolitical risks.

West Texas Intermediate fell to settle below $81, while Brent crude closed around $85 after settling at the highest since late April on Monday. The US dollar rebounded on Tuesday, making commodities priced in the currency less attractive, and Brent futures have approached overbought territory in recent sessions.

MOVERS

$NVIDIA (NVDA.US)$ shares made a strong comeback, surging 6.7%, on Tuesday after falling for three days and entering correction territory.

$FedEx (FDX.US)$ reported a quarterly profit above expectations and called for revenue growth for its upcoming fiscal year, sending the stock 15% higher in the after-hours session.

Chipotle Mexican Grill shares rose 2.8% on Tuesday as the burrito chain prepares for the firststock splitsince its debut on theNew York Stock Exchangenearly two decades ago.

$SolarEdge Technologies (SEDG.US)$ is having a stock market meltdown of 20.6% on Tuesday after filing with theSecurities and Exchange Commissionthat privately held PM&M Electric17:44. Also, the company announced a $300 million offering of convertible senior notes to refinance existing debt and fund general expenses.

$Rivian Automotive (RIVN.US)$ stock was jumping 54.4% in the after-hours session after Volkswagen will invest $1 billion in Rivan with the potential for more money down the road, up to $5 billion in total by 2026.

Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.

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