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.
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