Stock Market Today: S&P 500, Nasdaq Snap Losing Streaks
Nvidia regained $197 billion in market value thanks to Tuesday's buy-the-dip session.
Stocks went in different directions again Tuesday, only this time, it was the blue chip Dow Jones Industrial Average that lagged. Indeed, a bounce in tech stocks helped the S&P 500 and Nasdaq Composite snap their three-day losing streaks.
Heading into Tuesday's trading, Nvidia (NVDA) had shed nearly 13% since hitting an all-time closing high on June 18, giving back more than $430 billion in market value and entering correction territory along the way. But today, the chipmaker resumed its market-beating ways, adding 6.8% as Wall Street bought the dip, regaining $197 billion in market cap.
Nvidia's bounce boosted other large-cap tech stocks, including Arm Holdings (ARM, +6.3%) and Taiwan Semiconductor Manufacturing (TSM, +2.9%).
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
As a result, the Nasdaq (+1.3% at 17,717) and S&P 500 (+0.4% at 5,469) notched solid gains. However, the Dow Jones Industrial Average fell 0.8% to 39,112, as retail stocks Home Depot (HD, -3.6%) and Walmart (WMT, -2.2%) declined.
Boeing sinks on Airbus profit warning
Boeing (BA) was also one of the worst Dow Jones stocks today, shedding 2.2% after rival Airbus cut its 2024 EBITDA (earnings before interest, taxes, depreciation and amortization) forecast and said it will miss its annual delivery target due to supply chain issues.
In other Boeing news, a Bloomberg report indicated the company has offered to buy airplane manufacturer Spirit AeroSystems (SPR, -4.0%) for $4.08 billion, or $35 per SPR share.
Carnival pops on beat-and-raise quarter
Elsewhere, Carnival (CCL) jumped 8.7% after the cruise operator beat top- and bottom-line estimates for its fiscal Q3 and hiked its annual profit forecast for the second time this year on strong demand trends.
"While early, cumulative booked position for full year 2025 is even higher than 2024 in both price (in constant currency) and occupancy," Carnival said in its earnings release.
Consumer confidence slips in June
Meanwhile, on the economic calendar, The Conference Board said its Consumer Confidence Index slipped to 100.4 in June from May's reading. The data showed "strength in current labor market views continued to outweigh concerns about the future," said Dana Peterson, chief economist at The Conference Board.
"Although consumers became a bit more cautious about the future, they feel pretty good about the present situation," says Jeffrey Roach, chief economist for LPL Financial. "Inflation expectations improved, incomes seem stable and consumers feel good about the job market."
This makes Friday morning's release of the May Personal Consumption and Expenditures (PCE) Price Index – the Fed's favorite measure of inflation that tracks consumer spending – all the more important.
Markets could get choppy if the data come in hotter than expected, Roach adds.
Related content
- What Chipotle Stock's 50-for-1 Split Means for Investors
- Bond Basics: How to Buy and Sell
- How This JPMorgan Factor Fund Keeps Up With the Broad Market
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Setting Objective Criteria for Employee Bonuses Aligned With Company Goals
When employees win, the company wins.
By Stephen Nalley Published
-
A Modern Guide to Money Etiquette: Gifts, Tips, Splitting Bills and More
What is modern money etiquette? The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
By Emma Patch Published
-
Potential Ripple Effects of Taxing Unrealized Capital Gains
The proposed tax on unrealized gains would be limited to those with a net worth above $100 million, but some see a broad impact on markets and businesses.
By Brian Skrobonja, Chartered Financial Consultant (ChFC®) Published
-
Succession Musts: Thoughtful Planning and Frank Discussions
When it comes to passing on the family business, you don't want anyone to be surprised about who will control or inherit the business after the owner's death.
By David Handler, J.D. Published
-
How to Navigate Finances as a Blended Family
If you’re planning to become part of a blended family, consider these financial issues as you and your spouse start a new life.
By Ella Vincent Published
-
Here's How to Find Your Way Out of the Inherited IRA Maze
To navigate complex rules on inherited IRAs and RMDs, start by breaking down key terms and common scenarios. A clearer picture of your next steps will emerge.
By Evan T. Beach, CFP®, AWMA® Published
-
Stock Market Today: Stocks Rally on Strong Netflix Earnings
Mega-cap tech leads the charge as markets rise for a sixth straight week.
By Dan Burrows Published
-
Why American Express Earnings Have the Dow Stock Lower
American Express is the worst Dow Jones stock Friday after the payments giant reported a top-line miss in its third quarter. Here's what you need to know.
By Joey Solitro Published
-
CVS Stock Falls After Karen Lynch Ouster: What to Know
CVS stock is lower Friday after the embattled healthcare company said Karen Lynch is out as CEO, effective immediately
By Joey Solitro Published
-
Netflix Stock Jumps to the Top of the S&P 500 After Earnings. Here's Why
Netflix stock is spiking Friday after the streaming giant beat third-quarter expectations and gave an upbeat fourth-quarter outlook.
By Joey Solitro Published