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Stock market today: Wall Street mixed as red-hot chipmaker Nvidia recoups some recent losses | First World War
Wall Street markets were mostly mixed Tuesday morning, after a mixed session a day earlier that saw a third straight decline for chipmaker Nvidia.
Dow Jones Industrial Average futures edged down 0.1%, while S&P 500 futures rose just under 0.2%.
Nvidia rose 2.2% before the bell, recovering some of its losses from recent sessions, as the frenzy around artificial intelligence appeared to calm down. Nvidia's stock has been in decline since briefly overtaking Microsoft as Wall Street's most valuable stock last week, and it has fallen nearly 13% in just three days.
Microsoft shares remained essentially flat after the European Union said the software giant violated antitrust rules with potentially abusive practices by tying its Teams messaging and videoconferencing app to its widely used business software, it said. the block.
Solar panel maker SolarEdge fell more than 17% before the bell after announcing that its customer PM&M Electric, which owed Solaredge more than $11 million, had filed for bankruptcy. SolarEdge also announced Monday that it plans to raise $300 million through the sale of convertible senior notes.
Tool maker Epac fell more than 9% after missing third-quarter sales targets and issuing fourth-quarter revenue forecasts lower than analysts' expectations.
The Conference Board's latest consumer confidence report will be released later Tuesday. In May, US consumer confidence increased after three consecutive months of decline amid continued high inflation and interest rates.
Elsewhere, in Europe at midday, France's CAC 40 lost 0.8%, Germany's DAX fell 1% and Britain's FTSE 100 lost 0.2%.
Japan's benchmark Nikkei 225 index jumped 1% to 39,173.15 after Bank of Japan data on Tuesday showed the services producer price index in May was up 2.5 % compared to the same period last year, a slowdown from the 2.7% increase seen in April.
The Japanese yen remains the center of attention, with the U.S. dollar to Japanese yen exchange rate still trading near its lowest level in around 34 years. The yen rose to 159.44 per dollar on Tuesday. The dollar closed at 159.59 yen on Monday.
Hong Kong's Hang Seng recovered most of its daytime losses to finish 0.3% higher at 18,072.90 and the Shanghai Composite index fell 0.4% to 2,950.00.
Australia's S&P/ASX 200 gained 1.4% to 7,838.80. In South Korea, the Kospi rose 0.4% to 2,774.39.
Elsewhere, Taiwan's Taiex rose 0.3%, while Bangkok's SET gained 0.1%.
In the bond market, Treasury yields remained generally stable. The 10-year Treasury yield was unchanged from Monday evening at 4.23%, while the yield on the 2-year Treasury note increased to 4.73% from 4.72%.
Yields have fallen on hopes that inflation will slow enough to convince the Federal Reserve to cut its main interest rate later this year.
The Fed is keeping the federal funds rate at the highest level in more than 20 years, hoping to rein in the economy just enough to keep inflation in check.
In other trading Tuesday, U.S. benchmark crude oil fell 55 cents to $81.08 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude lost 52 cents to $84.63 a barrel.
The euro slipped to $1.0712.
On Monday, the S&P 500 slipped 0.3% to 5,447.87. Declines in Nvidia and other winners of Wall Street's artificial intelligence boom sent the Nasdaq Composite Index down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0. 7% to 39,411.21.
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