On Tuesday, US indexes climbed as Nvidia reversed a three-day sell-off. During this sell-off, Nvidia’s stock fell nearly 17%, providing an opportunity for long investors to buy in. The Federal Reserve Governor Michelle Bowman also noted the possibility of an interest rate hike, impacting market sentiment.
The leading semiconductor firm shed $430 billion in the course of three days, after it briefly became the world’s biggest company last week. During the sell-off that followed, the stock fell into correction territory. Analysts on Wall Street have attributed the drop to profit-taking by investors rather than any fundamental news.
As investors continue to monitor Fed commentary from a roster of officials scheduled to speak this week, they are also keeping track of personal consumption expenditures data scheduled for Friday. Fed Governor Michelle Bowman highlighted the risks of an inflation rebound and mentioned that interest rate cuts are not guaranteed to happen this year.
During trading on Tuesday, West Texas Intermediate crude oil slipped 0.39% to $80.93 a barrel, while Brent crude, the international benchmark, was lower by 0.36% to $86.08 a barrel. Gold decreased by 0.42% to $2,323.60 per ounce, and the 10-year Treasury yield inched up to 4.25%. Bitcoin remained relatively flat at $61,105