Stock market today: Asian stocks follow Wall Street rise, but Nvidia tumbles again as AI mania cools
Japan’s benchmark
The Japanese yen remains a focus of attention, with the US dollar to Japanese yen exchange rate still trading near its weakest level in approximately 34 years. The yen rose to 159.41 to the dollar in Tuesday trading. The dollar closed at
The Hang Seng in
Australia’s S&P/ASX 200 gained 1.2% to 7,829.70. In
Elsewhere, Taiwan’s Taiex was up 0.3%, while the SET in
On Monday, the S&P 500 slipped 0.3% to 5,447.87. The drops for Nvidia and other winners of Wall Street’s artificial intelligence boom pulled the Nasdaq composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0.7% to 39,411.21.
Stocks of oil and gas companies were among the market’s strongest, as seven out of every 10 stocks in the S&P 500 rose.
Financial companies were also strong.
But declines for a handful of high-profile stocks offset all of those gains, and the spotlight shone brightest on Nvidia’s 6.7% tumble. It was a third straight drop for the chip company, which had rocketed 1,000% higher since the autumn of 2022.
The nearly insatiable demand for Nvidia’s chips to power artificial intelligence applications has been a big reason for the
Nvidia’s stock has been receding since it briefly overtook Microsoft as Wall Street’s most valuable last week, and it’s down nearly 13% in just three days. Because Nvidia has become so massive in size, the movements for its stock carry extra weight on the S&P 500 and other indexes. It was the heaviest weight by far on the S&P 500 Monday.
Other AI beneficiaries also gave up some of their fantastic gains.
Such a rotation among stocks could be a healthy sign for the market, as long as it can stay close to its records. Market watchers have been worried to see just Nvidia and a handful of other companies responsible for much of the S&P 500’s returns recently. They would prefer a market where many stocks are participating in the gains.
In the bond market,
It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the
In other dealings Tuesday,
Brent crude added
The euro rose to
Cagle interview: See what Cone's CEO says about accepting Risant acquisition offer
UnitedHealthcare to pay $1M for denying birth control coverage
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News