US stock market: Nvidia share price pushes Nasdaq to record high, 90 per cent of S&P 500 stocks fall, Dow Jones crashes
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S&P 500 fell 0.4 per cent, though it's still near its all-time high set last week, as 90 per cent of the stocks within the index fell. The Dow Jones Industrial Average dropped 436 points, or 1 per cent. Most U.S. stocks slumped on Tuesday after the latest update on inflation hurt Wall Street's hopes for lower interest rates. Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2 per cent to set another record thanks to Nvidia, the market's most influential stock. S&P 500 fell 24.80 points to 6,243.76. The Dow Jones Industrial Average dropped 436.36 to 44,023.29, and the Nasdaq composite rose 37.47 to 20,677.80.On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia's 4 per cent gain was by far the strongest force pushing upward on the S&P 500.Earlier this year, Nvidia said that U.S. restrictions on the chips used in artificial-intelligence development chiseled billions of dollars off its results for the first quarter of the year.Stocks of big U.S. banks, meanwhile, were mixed following their latest profit reports. JPMorgan Chase slipped 0.7 per cent despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns.Citigroup rose 3.7 per cent following its better-than-expected profit report. But Wells Fargo fell 5.5 per cent following its own, as it trimmed its forecast for an important way that it makes money.In stock markets abroad, indexes slipped in Europe after a mixed session in Asia. Indexes rose 1.6 per cent in Hong Kong but fell 0.4 per cent in Shanghai after a report said China's economic growth slowed only slightly last quarter despite pressure from Trump's tariffs.A1. Key indexes of US Stock Market are S&P 500, Dow Jones, and Nasdaq.A2. On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia's 4 per cent gain was by far the strongest force pushing upward on the S&P 500.
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