US Stocks Mixed, Nvidia Falls Sharply
The S&P 500 hovered around the flatline on Tuesday while the Nasdaq fell 0.4%, giving back some of the strong gains seen in the previous session.
In contrast, the Dow Jones advanced about 270 points. Traders digested a batch of fresh and mixed economic data while also assessing new corporate updates. Retail sales disappointed, indicating a sharper-than-expected slowdown in consumer spending, and the latest ADP report showed that US companies shed an average of 13,500 jobs per week in the four weeks ending November 8th.
On the other hand, producer inflation accelerated in September. Despite the mixed signals, expectations for a 25 bps Fed rate cut next month remain high near 85%. Communication services, health care and materials outperformed, while the tech sector lagged.
Nvidia fell 4.8% after reports that Meta is in talks to spend billions on Google’s AI chips. Oracle slid 6.2% and AMD dropped 7.4%. On the upside, Alphabet gained 1.9% and Meta added 1.5%.
Source: Tradingeconomics.com
