Nasdaq exceeds 17,000 on boost from Nvidia, inflation data awaited

Traders work on the floor of the New York Stock Exchange during morning trading, May 24, in New York City. AFP-Yonhap

The Nasdaq rose past the 17,000 level on Tuesday for the first time ever as AI leader Nvidia hit a record high, while investors awaited U.S. inflation data this week that could sway expectations for Federal Reserve rate cuts.The Dow and S&P 500 slipped, with the S&P 500 pressured by declines in healthcare, industrials and financials.The U.S. core Personal Consumption Expenditures Price Index report for April is due later this week. The Fed’s preferred inflation barometer is expected to hold steady on a monthly basis.

Nvidia shares gained more than 6 percent and lifted other chip stocks, with the Philadelphia Semiconductor Index up 1.7 percent as traders returned from a holiday-extended weekend.”In terms of today’s price action, it’s all about technology and the winners continue to be the winners, specifically Nvidia. Today’s tape is a function of positive stories having some stock specific impact, but overall, as you can see from the Dow being down around 200 points, it’s a generally sloppy overall market session,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.The Dow Jones Industrial Average fell 278.04 points, or 0.71 percent, to 38,791.55, the S&P 500 lost 4.37 points, or 0.08 percent, to 5,300.35 and the Nasdaq 카지노사이트킹 Composite gained 81.68 points, or 0.48 percent, to 17,002.47.

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