Stocks moved in different directions again on Tuesday, but this time it was the safe bets. Dow Jones Industrial Average who was late. Indeed, the rebound in technology stocks helped the S&P500 And Nasdaq Composite end their three-day losing streak.
As Tuesday's trading approaches, Nvidia (NVDA) has lost nearly 13% since hitting an all-time closing high on June 18, giving back more than $430 billion in market value and entering correction territory along the way. But today, the chipmaker has resumed its ways to beat the marketadding 6.8% as Wall Street bought the dip, regaining $197 billion in market capitalization.
Nvidia's rebound boosted other large-cap tech stocks, including Arm holds (ARM, +6.3%) and Semiconductor manufacturing in Taiwan (TSM, +2.9%).
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As a result, the Nasdaq (+1.3% to 17,717) and the S&P 500 (+0.4% to 5,469) posted solid gains. However, the Dow Jones Industrial Average fell 0.8% to 39,112, as retail stocks Home deposit (HD, -3.6%) and Walmart (WMT, -2.2%) decreased.
Boeing sinks following Airbus profit warning
Boeing (BA) was also one of the worst Dow Jones stocks today, losing 2.2% after rival Airbus cut its EBITDA (earnings before interest, taxes, depreciation and amortization) forecast for 2024 and said it would fail to meet its annual delivery target due to supply chain issues.
In other Boeing news, a Bloomberg report said the company had offered to buy an aircraft manufacturer Spirit AeroSystems (SPR, -4.0%) for $4.08 billion, or $35 per SPR share.
The carnival breaks out on the quarter beat and restart
Somewhere else, Carnival (CCL) jumped 8.7% after the cruise operator beat revenue and net income estimates for its fiscal third quarter and raised its annual profit forecast for the second time this year in due to strong demand trends.
“Although initially, the cumulative position booked for the whole of 2025 is still higher than that of 2024, both in terms of price (in constant currency) and occupancy,” Carnival said in its publication of results.
Consumer confidence collapses in June
Meanwhile, on the economic calendarThe Conference Board stated that Consumer Confidence Index fell to 100.4 in June compared to May. Data shows “the strength of current labor market views continues to outweigh concerns about the future,” said Dana Petersonchief economist at the Conference Board.
“Even though consumers have become a little more cautious about the future, they feel quite satisfied with the current situation,” says Jeffrey Roach, chief economist of LPL Financial. “Inflation expectations have improved, incomes appear stable and consumers feel satisfied with the situation. the job market“.
That makes Friday morning's release of the May personal expenditures and consumer price index (PCE) — the Fed's preferred inflation measure that tracks consumer spending — all the more important.
Markets could become volatile if the data is hotter than expected, Roach adds.
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