๐จ๐ฆ ๐ฆ๐๐ผ๐ฐ๐ธ๐ ๐ ๐ถ๐ ๐ฒ๐ฑ ๐ฎ๐ ๐ก๐๐ถ๐ฑ๐ถ๐ฎ ๐ฅ๐ฒ๐ฏ๐ผ๐๐ป๐ฑ๐, ๐ง๐ฒ๐ฐ๐ต ๐๐ฒ๐ฎ๐ฑ๐ ๐๐ฎ๐ถ๐ป๐
Mixed performance was the expression that best describes Tuesdayโs US stock market. The S&P 500 had a little increase, but the tech-heavy Nasdaq Composite saw a roughly 1% increase. Still, the Dow Jones Industrial Average dropped by almost 1%. This uneven performance came after the IT industry, especially Nvidia, a major manufacturer of AI chips, had just seen a downturn. Tuesday saw a more than 5% increase in Nvidiaโs stock price, partially offsetting Mondayโs over 6% decline.
Real Estate Lags on Housing Data
Due to unsatisfactory housing statistics, the real estate industry lagged the most. Despite setting a record high for property prices in April, the yearly growth rate decreased from the previous month.
Tech Sector Leads Gains, Nvidia Eases Previous Concerns
Tuesdayโs largest gainer was the IT industry, which was driven by Nvidiaโs comeback. There were advances in the communications and services industries as well.
Concerns about a wider tech sell-off were allayed by Nvidiaโs stock rebound. Analysts speculate that significant investorsโ portfolio rebalancing and profit-taking at the conclusion of the quarter may have contributed to the current downturn.
Big Tech Rally Not Necessarily a Risk
A few major IT companiesโ domination in the current market surge, according to some analysts, may not be a bad thing. They make note of the fact that these businesses are reporting impressive profits and are profiting from the development of artificial intelligence.
Market Outlook
Some analysts continue to have positive forecasts on the stock market despite the recent turmoil. They cite the S&P 500 year-end objectives that were recently upgraded as well as the large-cap tech stocksโ resistance to the current climate.
On Tuesday, the US stock market had a mixed performance. The tech sector rebounded, led by Nvidiaโs recovery. Unfortunately, the weak housing data caused the real estate market to lag. While some concerns remain about the dominance of big tech, analysts generally hold a positive outlook for the market.
Last Updated on 7 months by News Desk 2
