US Stock Market Today: Nasdaq Slips As Nvidia Shares Tank; Dow Jones Rise
The Nasdaq Composite fell 0.45%. The S&P 500 was flat and the Dow Jones Industrial Average added over 300 points or 0.7%
The US stock market opened mixed on Tuesday, as a slide in Nvidia Corp. weighed on the tech-heavy Nasdaq, even as the other two benchmarks were steady.
The Nasdaq Composite fell 0.45%. The S&P 500 was flat and the Dow Jones Industrial Average added over 300 points or 0.7%.
Seven of the eleven sectoral indices were trading in green led by healthcare, telecom and consumer discretionary. Information technology and energy shares fell the most.
Nvidia stock tanked nearly 7% after a report said that Meta Platforms was considering spending billions of dollars on Alphabet's AI chips. Alphabet shares rose more than 2.6% on the report.
Besides, delayed data released earlier showed that US retail sales rose modestly in September while wholesale inflation picked up, reflecting higher energy and food costs.
The 10-year Treasury yield declined by two basis points to 4% after private payrolls data pointed to a slowing labor market.
The dollar index fell 0.3%, as the euro, yen and pound strengthened against the greenback.
Spot gold prices fell 0.4% to $4,120 an ounce.
Oil prices fell sharply after reports said Ukraine has agreed to the terms of a revised peace deal with Russia, though some minor details were still outstanding. The Brent fell over 2% to below $62 per barrel.
