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
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market TodayThe main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
Retirement Health Care Costs Are On the Rise: What You Need to KnowA 65-year-old retiree will face significantly higher lifetime health care costs than they would have a year ago, even with Medicare. Here are the surprising totals.
-
Stocks Can't Hold Meta, Microsoft Gains: Stock Market Today
The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.
-
Three Ways to Find Deals in Your Investments This YearLooking for ways to save because of tariffs? Don't forget to look for deals in your investments. Here are three expert tips for making a little extra this year.
-
How to Invest for a Fall Interest Rate Cut by the FedA lot can happen between now and then, but the probability the Fed cuts interest rates before the end of the year is better than 85%.
-
You Don't Have to Be Wealthy to Need a Wealth ManagerNavigating complex financial decisions is hard on your own, no matter how much money you have. A wealth manager can provide comprehensive financial planning, investment management, risk management and more.
-
Despite Tariffs, These Investment Experts Are Bullish on European EquitiesEuropean equities were one of the better-performing investments during the first half of 2025. They could be a good long-term prospect for U.S. investors needing to diversify, according to these investment managers.
-
Stocks Are Up and Down on Fed Day: Stock Market TodayIn another sign of changing times, JPMorgan has partnered with Coinbase to enable cryptocurrency purchases with credit cards.
-
What Federal Interest Rates Mean for Your Grocery BillThe relationship between grocery prices and the Federal Reserve has plenty of back-and-forth. Understand how they interplay.
-
5 Undervalued Stocks to Buy NowThere are plenty of high-quality undervalued stocks to buy right now, you just need to know where to look. Here, we highlight five of our top picks.
