- US stock indices advanced on Tuesday, bolstered by expectations of the Federal Reserve easing monetary policy this year.
- The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all saw gains in the early trading hours.
- Notable stock movements included a drop for Walt Disney Co. and Nvidia, while Apple and Kenvue saw increases.
US stock indices see gains amid expectations of Federal Reserve policy easing. Notable stock movements include Walt Disney Co., Nvidia, Apple, and Kenvue.
US Stock Indices Advance
On Tuesday, US stock indices saw an upward trend, buoyed by expectations that the Federal Reserve will ease monetary policy this year. At 09:46 a.m. ET, the Dow Jones Industrial Average rose 60.27 points, or 0.16 per cent, to 38,912.54, the S&P 500 gained 8.89 points, or 0.17 per cent, to 5,189.63 and the Nasdaq Composite gained 20.85 points, or 0.13 per cent, to 16,370.09.
Noteworthy Stock Movements
Despite reporting stronger quarterly results, Walt Disney Co. stock sank 8.5 per cent. Nvidia shares fell 1.1 per cent following a report by the Wall Street Journal that Apple was developing its own chip to run artificial intelligence (AI) software in data centers. Apple, on the other hand, gained 1.5 per cent ahead of its event later on Tuesday. Tesla declined 2.3 per cent after data showed the US automaker sold 62,167 China-made electric vehicles in April, down 18 per cent from a year ago. Shares of Kenvue, which sells brands including Band-Aids and Tylenol, rose 4.9 per cent after beating Wall Street estimates for both profit and revenue.
Crude Oil and Bullion Market Updates
Oil prices were steady on Tuesday due to weakness in the physical market. Brent crude futures were down 30 cents, or 0.4 per cent, at $83.03 a barrel by 1330 GMT while US West Texas Intermediate (WTI) crude futures fell 25 cents, or 0.3 per cent, to $78.23. Gold prices fell as the US dollar strengthened. Spot gold was down 0.5 per cent to $2,312.29 per ounce by 1218 GMT. US gold futures fell 0.5 per cent to $2,320.60 per ounce. Spot silver fell 0.8 per cent to $27.23 per ounce.
Conclusion
Overall, the US stock market saw gains on Tuesday, with expectations of Federal Reserve policy easing driving the upward trend. Notable stock movements included Walt Disney Co., Nvidia, Apple, and Kenvue. In the commodities market, oil prices remained steady while gold prices fell due to a strengthening US dollar.
