The Dow Jones Industrial Average fell 0.8% to 39,112.16, while the S&P 500 index rose 0.4% to 5,469.30. The tech-heavy Nasdaq Composite Index outperformed Wall Street’s other major indexes, rising 1.3% to close at 17,717.65. A rebound in Nvidia shares helped fuel the gains.
Traders work on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, USA, May 20, 2022. File Image/Reuters
U.S. stock markets ended mixed on Tuesday, with Nvidia shares rebounding, surprising many investors and ending a three-day streak that wiped out more than $400 billion in the company’s market capitalization.
The Dow Jones Industrial Average fell 0.8%, to 39,112.16, while the S&P 500 added 0.4%, to 5,469.30. The tech-heavy Nasdaq Composite Index outperformed Wall Street’s other major indexes, rising 1.3%, to close at 17,717.65.
market Moving company
Nvidia reversed recent losses and rose 6.8%, helping lift the Nasdaq index, while other tech stocks including Alphabet Inc. and Meta Platforms Inc. also posted solid gains.
Cruise line operators Carnival and Norwegian Cruise Line Holdings rose 8.7 percent and 5.1 percent, respectively.
Home Depot shares fell 3.5 percent, while Walmart shares dropped 2 percent after the company’s chief financial officer described the second quarter as its “toughest quarter yet” at an investors conference in London.
“It’s a big step forward for the stock market,” said George Cipolloni, portfolio manager at Penn Mutual Asset Management. Reuters“The market is witnessing a complete reversal of what happened yesterday. There was some hope as value stocks started to do well and energy and financials outperformed tech stocks. But today, that has completely reversed. Growth stocks have dominated this year and today’s market action reflects that trend.”
Focus on the data
Investors also digested consumer confidence data released on Tuesday, which showed U.S. consumers had become slightly less optimistic about the state of the economy.
The next major data release is scheduled for Friday, when the Fed’s preferred inflation gauge is released. “All eyes are on the inflation data,” said Peter Cardillo, chief economist at Spartan Capital Securities. AFP.
Economist Survey Dow Jones Newswires and Wall Street The Journal expects annual price growth to slow slightly.
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