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U.S. stock indexes rise as Nvidia reverses three-day sell-off
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Nvidia’s shares fell nearly 17%, giving long-term investors an opportunity to buy more.
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Fed Governor Michelle Bowman has raised the possibility of raising interest rates.
U.S. stock indexes were mostly higher on Tuesday morning, as investors looked to reverse an Nvidia-led selloff.
After briefly becoming the world’s largest companies last week, semiconductor giants lost $430 billion in three days, leading to selling pressure that has sent stocks into a correction.
With little fundamental news to drag the stock down, Wall Street analysts said they see the sharp drop from the all-time high as investors taking profits. Sentiment toward the AI ​​giant is generally bullish, and some see the drop as a buying opportunity ahead of Nvidia’s next earnings report.
“[T]”Things have since turned around as some investors jumped in to take advantage of the 17% sell-off between Thursday’s high and this morning’s low and increase their long side exposure,” said David Morrison, senior market analyst at Trade Nation.
This week, investors will also be focusing on comments from Federal Reserve officials due to speak, as well as personal consumption expenditure data due on Friday.
Federal Reserve Governor Michelle Bowman stressed on Tuesday that risks of a rebound in inflation remain and that a rate cut this year is not guaranteed.
“We remain prepared to raise the target range for the federal funds rate at future meetings if inflation stagnates or reverses,” the chairman said.
U.S. stock indexes as of the 9:30 a.m. start of trading on Tuesday were as follows:
Here’s something else that happened today:
Commodities, Bonds and Cryptocurrencies:
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West Texas Intermediate crude oil fell 0.39% to $80.93 a barrel, while the international benchmark Brent crude was down 0.36% to $86.08 a barrel.
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Gold fell 0.42% to $2,323.60 per ounce.
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The yield on the 10-year Treasury note rose to 4.25%.
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Bitcoin was nearly flat at $61,105.
Read the original article on Business Insider
