Wall Street: Nvidia stock rebounds over 5%, lifts Nasdaq higher

Nvidia Corp stock rebounded on Tuesday, lifting other AI-linked shares and tech-heavy Nasdaq higher.

At 11:16am EDT, Nvidia Corp stock was at $124.03, up $5.92or5.01per cent. It is on track to break a three-day losing streak.

US-listed Taiwan Semiconductor Manufacturing , Broadcom and Qualcomm gained between 0.5 per cent and 1.6 per cent.

The optimism around demand for Nvidia chips for artificial intelligence applications was a major reason for its stock’s recent record rallies. However, the Nvidia stock had suffered losses in past three sessions on profit-taking.

On Monday, the chipmaker’s stock had ended at $118.11.

An index of semiconductor stocks added 0.8 per cent.

US stock indices

At 10:03 a.m. ET, the Dow Jones Industrial Average was down 150.00 points, or 0.38 per cent, at 39,261.21, the S&P 500 was up 8.94 points, or 0.16 per cent, at 5,456.81, and the Nasdaq Composite was up 115.77 points, or 0.66 per cent, at 17,612.58.

The S&P 500 technology sector rose 1.0 per cent.

A report showed that the US consumer confidence index in June fell to 100.4 from a revised 101.3 the month prior.

Shares of SolarEdge Technologies sank 16.4 per cent after it said a customer that owes it $11.4 million had filed for Chapter 7 bankruptcy.

Carnival Corp surged 3.7 per cent after raising its annual profit forecast.

Spirit AeroSystems stock fell 5.3 per cent after a report said Boeing has offered to buy the airplane fuselage maker in a deal funded mostly by stock.

The yield on the 10-year Treasury rose to 4.25 per cent from 4.23 per cent late on Monday.

Oil prices were steady on Tuesday as investors focused on US inflation data due this week.

Brent futures for August settlement fell 6 cents, or 0.07 per cent, at $85.95 a barrel by 10:52 am ET (1452 GMT). US crude futures were flat at $81.63.

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Published: 25 Jun 2024, 07:48 PM IST

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