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Shares of the AI chipmaker rose as much as 4%, bringing Nvidia’s market capitalization to $3. 338 trillion and ranking most sensible ahead of Microsoft.
Qualcomm, Taiwan Semiconductor and Micron Technology rose at least 3%.
At the same time, Treasury yields fell for six core issues as markets had more reason to expect interest rate cuts this year. Retail sales data for May came in below expectations, indicating that consumers are cutting back on spending.
“Consumer spending is slowing in an orderly fashion. So far, the economy can achieve a comfortable landing, especially if the Federal Reserve rushes to tighten policy as situations change,” said Jeffrey Roach, chief economist at LPL Financial.
The May report also includes downward revisions from previous months, which is a source of further fear for analysts. If this is accompanied by further weakness in the employment data, the Fed would possibly be forced to accelerate the timing of its rate cut. cycle, Quicy Krosthrough, the LPL’s chief global strategist, wrote separately.
For now, Fed officials continue to sign off on a single interest rate cut in December, but futures markets are at the beginning of the cycle in September.
On Tuesday, commercial production awareness increased by 9%, this was largely due to higher production in utilities.
This is where the U. S. indices were a while after the opening bell at 9:30 a. m. Tuesday:
Here’s what today:
In commodities, bonds, and cryptocurrencies:
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