Nasdaq Surpasses 17,000 Milestone as Nvidia (NVDA) Hits Record High – Wall Street Update

<ul>
  <li>US stock indices were mixed on Tuesday as investors awaited the Federal Reserve’s preferred inflation data later in the week.</li>
  <li>The Nasdaq crossed the 17,000 level for the first time as Nvidia climbed to a record high.</li>
  <li>At 10:14 a.m. ET, the Dow Jones Industrial Average was down 135.40 points, or 0.35 per cent, at 38,934.19, the S&P 500 was down 0.77 points, or 0.01 per cent, at 5,303.95, and the Nasdaq Composite was up 54.70 points, or 0.32 per cent, at 16,975.49.</li>
</ul>
<p><strong>US stock indices were mixed on Tuesday as investors awaited the Federal Reserve’s preferred inflation data later in the week.</strong></p>
<h2><strong>Nasdaq Crosses 17,000 Level</strong></h2>
<p>The Nasdaq Composite Index crossed the 17,000 mark for the first time, driven by a surge in Nvidia's stock. Nvidia's shares climbed 4.5 per cent, bringing its gain for the year so far to 125%. This milestone reflects the growing investor confidence in the tech sector, particularly in companies leading advancements in artificial intelligence and semiconductor technologies.</p>
<h3><strong>Federal Reserve's Inflation Data</strong></h3>
<p>Investors are keenly awaiting the US core Personal Consumption Expenditures (PCE) price index report for April, which is due on Friday. This report is the Federal Reserve’s preferred measure of inflation and will provide crucial insights into the central bank's future monetary policy decisions. The anticipation of this data has kept the market on edge, contributing to the mixed performance of the indices.</p>
<h2><strong>Market Movements</strong></h2>
<p>At 11:29 a.m. ET, the Dow Jones Industrial Average fell 130.37 points, or 0.33 per cent, to 38,939.22. The S&P 500 gained 3.92 points, or 0.07 per cent, to 5,308.64, and the Nasdaq Composite gained 87.15 points, or 0.52 per cent, to 17,008.27. The opening bell saw the Dow Jones Industrial Average fall 40.6 points, or 0.10 per cent, to 39,028.99. The S&P 500 rose 11.2 points, or 0.21 per cent, to 5,315.91, while the Nasdaq Composite rose 67.5 points, or 0.40 per cent, to 16,988.315.</p>
<h3><strong>Sector Performances</strong></h3>
<p>Apple shares added 0.9 per cent after iPhone sales in China soared 52 per cent in April. GameStop stock climbed 16.2 per cent after the videogame company announced it had raised $933 million by offloading 45 million shares. However, pharma shares fell on Tuesday, with Moderna down 7.5 per cent, Merck losing 2.4 per cent, and Vertex Pharmaceuticals edging lower by 2.2 per cent.</p>
<h2><strong>Economic Indicators</strong></h2>
<p>A report showed that consumer confidence for May was stronger than expected, indicating robust economic sentiment among consumers. Additionally, the yield on the 10-year Treasury rose to 4.48 per cent from 4.47 per cent late on Friday, reflecting investor expectations of future interest rate hikes.</p>
<h3><strong>Crude Oil</strong></h3>
<p>Oil prices rose on Tuesday as tensions flared in the Middle East after a vessel was attacked in the Red Sea and on reports that Israeli tanks reached the center of Rafah. The benchmark Brent was above $83 a barrel, while West Texas Intermediate topped $79.</p>
<h3><strong>Bullion</strong></h3>
<p>Gold prices were steady on Tuesday, as the US dollar fell. Spot gold was flat at $2,349.78 per ounce by 10:16 a.m. ET (1416 GMT), after rising 1 per cent on Monday. US gold futures added 0.7 per cent at $2,350.20. Silver lost 0.1 per cent to $31.64 after a 4.4 per cent jump on Monday.</p>
<h3><strong>Conclusion</strong></h3>
<p>The mixed performance of US stock indices reflects the market's cautious stance ahead of the Federal Reserve's inflation data release. While tech stocks like Nvidia continue to drive the Nasdaq to new heights, other sectors such as pharmaceuticals are experiencing declines. Investors will be closely monitoring the upcoming PCE price index report for further direction on the market's trajectory.</p>
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GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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