US Stocks Opened Mixed on Tuesday, Techs Shine as Wall Street Eyes Inflation Data
US Stocks Open Mixed as Focus Turns to Inflation Data
On Tuesday, US stocks opened with a mixed performance, with tech stocks shining bright while Wall Street gears up for a crucial inflation report that will be closely monitored by the Federal Reserve.
The S&P 500 was up by about 0.2%, showing a positive start to the day. The Nasdaq Composite also saw gains of roughly 0.4%, building on its solid closing gains from the previous week. However, the Dow Jones Industrial Average slipped by 0.3%, weighed down by fewer tech names in its index.
After a volatile week following the Memorial Day break, traders are now focusing on the upcoming inflation report, particularly the Federal Reserve’s preferred PCE gauge set to be released on Friday. Fed officials have been emphasizing the need for real cooling in inflation data to trigger any policy shifts, with Neel Kashkari being the latest to echo this sentiment.
The market has been swaying between optimism for rate cuts and high hopes for AI, with Nvidia leading the charge with a 3% gain in premarket trading. Investors are eagerly awaiting updates on first-quarter GDP and consumer confidence later in the week, which could serve as catalysts for market movements.
In individual stock movements, GameStop saw a surge of over 20% in early trading after announcing significant proceeds from a share sale during the meme rally in May. Apple also rose as data showed a substantial increase in iPhone sales in China.
As the week progresses, all eyes will be on the inflation data and other economic indicators to gauge the market’s direction amidst the ongoing uncertainty and volatility. Stay tuned for more updates on the stock market as the week unfolds.
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