MSCI’s gauge of stocks across the globe added 2.49 points, or 0.31%, to 803.77
Global stock indexes mostly jumped on Tuesday, with shares of AI chipmaker Nvidia gaining after a three-day sell-off, while the dollar advanced slightly against the Japanese yen.
Nvidia’s stock ended 6.8% higher. The Nasdaq climbed more than 1%, also ending a three-day losing streak, while the S&P 500 technology and communication services sectors led gains among S&P 500 sectors.
Excitement over AI has powered stocks like Nvidia higher and helped to lift the U.S. stock market to recent record peaks, but it remains to be seen whether that will continue, or for how long.
The chipmaker had surged to briefly become the world’s largest company last week, but shed nearly 16% from last Thursday’s peak to this Monday’s close.
It is another day of fairly narrow equity markets, according to Chad Oviatt, director of investment management at The Huntington National Bank in Ohio.
The Mag 7 appear to be pushing things and that has been a theme all year, he added, referring to the Magnificent 7 group of tech-related stocks, which include Nvidia. “A lot of market participants are just waiting for some additional broadening out” of the market.
Investors are also bracing up for data on the personal consumption expenditures (PCE) price index on Friday, which could provide further clues on inflation and when the Fed might begin reducing interest rates.
They also await snap elections in France starting at the weekend and the first U.S. Presidential debate on Thursday.
The Dow Jones Industrial Average (DJIA) dropped 299.05 points, or 0.76%, to 39,112.16, the S&P 500 advanced 21.43 points, or 0.39%, to 5,469.30 and the Nasdaq Composite added 220.84 points, or 1.26%, to 17,717.65.
After the closing bell, shares of FedEx jumped more than 15% following the release of its results and its forecast for 2025 profit above analysts’ estimates. The stock closed 0.1% lower in the regular session.
MSCI’s gauge of stocks across the globe added 2.49 points, or 0.31%, to 803.77. The STOXX 600 index shed 0.23%.
