Tech Stocks Gain as Nvidia Snaps Losing Streak – US Market Wrap
Stocks rose on a rally in the world’s largest technology companies, with Nvidia up 7% after a $430 billion selloff.
Equities extended their June advance, with the giant chipmaker leading gains in the “Magnificent Seven” group of megacaps. The company reversed a three-day slide that had pushed it into a technical correction.
Treasuries barely moved after a $69 billion two-year US sale yielded the expected yield and saw strong demand, kicking off this week’s trio of auctions. Wednesday’s $70 billion five-year sale will reveal more about the underlying demand for bonds with these yields.
Consumer confidence in the United States fell as expectations for business conditions, the labour market, and incomes dwindled. Michelle Bowman, the Federal Reserve Governor, sees several upside risks to the inflation outlook. Her colleague Lisa Cook said it will be appropriate to lower interest rates “at some point,” and she expects inflation to gradually improve this year.
The S&P 500 closed around 5,470. The Nasdaq 100 gained 1.2%.
Treasury 10-year yields were little changed, at 4.23%. Bitcoin surpassed $62,000. The loonie fluctuated as inflation unexpectedly rose in Canada, a setback for policymakers as they consider additional rate cuts next month.
