The Dow Jones Industrial Average rose more than 1% Tuesday, overcoming a slump in Nvidia shares. The AI chip giant was down about 3.5% after a report highlighting potential competition in AI semiconductors from Google.
Google parent Alphabet rose more than 1%, extending its recent surge toward a $4 trillion valuation.
The Dow industrials added about 540 points, while the S&P 500 rose 0.7% and the Nasdaq composite moved higher 0.4%. After morning sluggishness, stocks turned higher in the afternoon, with eight of 11 S&P sectors higher on the day and all of the Magnificent Seven tech stocks besides Nvidia rising.
A series of retailers—Best Buy, Dick’s Sporting Goods, Burlington Stores and Kohl’s—raised annual guidance. Chains, including Walmart, have logged strong results this reporting season, suggesting a solid holiday shopping season ahead.
Bond yields slipped. The 10-year Treasury yield moved down to 4%.
The dollar weakened against the pound and the yen.
Bitcoin prices slipped toward $87,000.
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