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Stock Futures Steady After S&P 500 Rebounds from Three-Day Decline
As the stock market continues to navigate its way through the week, stock futures held steady near the flatline on Tuesday evening. The S&P 500 futures saw a slight decrease of 0.05%, while Nasdaq 100 futures slipped 0.02%, and Dow Jones Industrial Average futures ticked lower by 0.1%.
In after-hours trading, FedEx surged by 15% after exceeding estimates with adjusted earnings in the fiscal fourth quarter. Meanwhile, Rivian Automotive, an electric vehicle manufacturer, skyrocketed by 30% following an announcement by Volkswagen regarding a potential investment of up to $5 billion in the company.
During regular trading on Tuesday, both the S&P 500 and Nasdaq Composite broke their three-day decline streak, supported by a rebound in Nvidia shares. The Dow, comprising 30 stocks, lagged behind the other two major averages, experiencing a drop of nearly 300 points.
Nvidia, with a nearly 7% increase on Tuesday, saw its first positive session in three days. The significant 154% gain in 2024 has raised concerns about the dominance of large-cap tech companies like Nvidia in the market rally this year.
Paul Hickey, co-founder of Bespoke Investment Group, emphasized the importance of diversifying the market focus to include other companies in the S&P 500, rather than solely relying on mega-cap tech companies like Nvidia. He expressed this on CNBC's 'Closing Bell: Overtime.'
Looking ahead, Wall Street will be closely monitoring the release of the May personal consumption expenditures index on Friday, which serves as a key inflation indicator for the Federal Reserve. Investors are optimistic about the potential for rate cuts based on this metric, which the Fed closely watches.
Original Article: https://www.cnbc.com/2024/06/25/stock-market-today-live-updates.html
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