Wall Street stocks end higher on Nvidia, trade talks hopes
STORY: U.S. stock indexes closed higher on Tuesday, with the Dow and S&P 500 each gaining roughly half a percent and the Nasdaq climbing eight-tenths of a percent.
Tuesday brought more mixed economic data, including a report from the Labor Department that showed job openings increased in April while layoffs also picked up.
Ross Mayfield is investment strategist at Baird.
"The big one for investors is going to be a pretty solid JOLTS (Job Openings and Labor Turnover Survey) jobs report. There's a lot of anxiety about where the labor market stands today. We get some good data, some data that shows some cracks, and ultimately, if you're going to build the bull case for the economy, you have to bring the labor market and the consumer along. So I think getting that pop in job openings and seeing a little bit of resilience from the labor market is helping things today. And then you have continued momentum from big tech and AI-adjacent names, so that obviously is helping, given the concentration there."
That tech momentum was courtesy of chipmakers Nvidia and Broadcom, which each rose roughly 3%.
Broadcom hit a fresh record high after the company said it has begun to ship its latest networking chip that aims to speed AI.
Other movers included Dollar General, which surged nearly 16% as the discount retailer raised its annual sales forecast after surpassing quarterly sales expectations.
And Crowdstrike, up 2% at the close, shed more than 6% in extended trading, after the cybersecurity firm forecast second-quarter revenue below Wall Street estimates.
Meanwhile, the White House said President Donald Trump and Chinese leader Xi Jinping are set to speak this week after Trump accused China of violating an agreement to roll back tariffs.
The Trump administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners seen by Reuters.
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