#StockMarket #S&P500 #NvidiaRally
Stock Market Update: Futures Steady After S&P 500 Rebound
As the stock market closed on Tuesday, futures held steady near the flatline, following a rebound in the S&P 500 from a challenging start to the week. S&P 500 futures saw a slight decrease of 0.05%, with Nasdaq 100 futures slipping 0.02%, and Dow Jones Industrial Average futures ticking 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 on CNBC's 'Closing Bell: Overtime' that it is premature to disregard the broader market in favor of mega-cap tech companies like Nvidia. He stressed the importance of diversifying the market focus to include other companies in the S&P 500.
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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