The Dow Jones Industrial Average rose more than 1% Tuesday, overcoming a slump in Nvidia shares. The AI chip giant was down 2.6% after a report highlighting potential competition in AI semiconductors from Google.
The Dow industrials added 664 points, or 1.4%, while the S&P 500 rose 0.9% and the Nasdaq composite moved higher 0.7%. After morning sluggishness, stocks turned higher in the afternoon, with eight of 11 S&P sectors positive for the day.
A series of retailers—Best Buy, Dick’s Sporting Goods, Burlington Stores and Kohl’s—raised annual guidance. Chains, including Walmart, have logged strong results this reporting season, suggesting a solid holiday shopping season ahead.
Bond yields slipped. The 10-year Treasury yield moved down to 4.001%.
The dollar weakened against the pound and the yen.
Bitcoin prices slipped toward $87,000.
