US Stock Market Today: S&P 500, Nasdaq Rise As Nvidia Rally, Bitcoin's Bounce Lifts Sentiments

After a bitter start to the month, US stock market indices S&P 500, Nasdaq Composite, and Dow Jones Industrial Average pared Monday's losses to trade higher, after cryptocurrency Bitcoin steadied its declining streak.

After slumping 8% on Monday, Bitcoin, the largest traded cryptocurrency rebounded to reclaim its $88,000 mark after rising nearly 3%.

Shortly after the opening bell, tech-heavy Nasdaq was up 0.47% or 109.10 points at 23,385.02; S&P edged 0.31% higher at 6,833.76; and Dow Jones rose 0.27% or 129.80 points at 47,419.13.

As of 10:08 a.m. local time, the Nasdaq edged 1% or 223.37 points higher at 23,499.29, while S&P rose 0.5% higher to 6,845.80. Dow Jones was up 0.34% or 161.83 points to 47,444.47.

Major tech stocks also erased the previous session's losses to trade in the green. Bellwether company Nvidia Corp.'s stock rose nearly 3% to trade at $185.07, Palantir Technologies Inc.'s shares rose nearly 4% in early trade to $173.81.

Among the magnificent 7 scrips, Apple Inc., Google-parent Alphabet Inc., Amazon.com Inc., and Microsoft Corp. also traded in the green.

Apple rose 0.30% to $283.99, Alphabet rose 0.72% to $316.53, Amazon rose 0.44% to $234.97 and Microsoft Corp. advanced 0.28% to $488.24.

Shares of Meta Platforms Inc. traded little changed at $641.20 while only Tesla Inc.'s shares edged 0.31% lower to $428.66.

After US markets opened, spot gold was trading 0.35% lower at $4216.34 an ounce. Crude oil prices also edged lower, with US West Texas Intermediate fell 1.38% to $58.53 a barrel while Brent crude fell 1.25% to $62.39 a barrel.

The Bloomberg Dollar Spot Index was little changed and so was the euro at $1.1616. The British pound was also little changed at $1.3208 while the Japanese yen fell 0.4% to 156.02 per dollar.