US stocks were broadly flat on Tuesday, with artificial intelligence chipmaker Nvidia (NVDA) eyeing a cautious comeback from a three-day slide, as investors unloaded their portfolios at the end of the quarter.
The Nasdaq Composite (^IXIC) rose nearly 0.7%, while the S&P 500 (^GSPC) rose 0.2%. The Dow Jones Industrial Average (^DJI) remained the only major index in the red, falling about 0.3% after rising more than 200 points at the start of the week.
Stocks look brighter after the Nasdaq and S&P 500 were bruised as Nvidia’s decline dampened a tech rally that has fueled gains this year. Investors are seen taking profits recorded in AI-related names as a stellar quarter comes to a close, raising the question of whether recent losses will continue further.
Shares of AI Darling rose more than 3% in early trading, after falling more than 6% on Monday.
At the same time, the Dow Jones appears to have found its feet amid the shift from technology stocks to value stocks, lending weight to the idea of extending gains to other sectors.
Elsewhere, everyone is awaiting Friday’s update to the Personal Consumption Expenditures index, the Federal Reserve’s preferred indicator of inflation. Central Bank Governor Michelle Bowman confirmed on Tuesday that she is ready to raise interest rates if keeping them steady fails to control price pressures.
In terms of economic data, house prices recorded a new record high in April despite the slowdown in annual growth compared to the previous month, according to European Central Bank data. Standard & Poor’s CoreLogic Case Shiller a report.
Meanwhile, the consumer confidence reading highlighted cracks in previous resilience. According to the Last reading From the Conference Board, the index came in at 100 for June, lower than the 101.3 seen in May. The results were in line with what economists surveyed by Bloomberg expected.
Dana M. said: Peterson, chief economist at the Conference Board: “Confidence declined in June but remained within the same narrow range it has for the past two years, as the strength of current views on the labor market continued to outweigh concerns about the future.” In issuing data. “However, if material weaknesses emerge in the labor market, confidence could weaken as the year progresses.”
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