Advertisment
Stocks rose Tuesday as the Federal Reserve kicked off its two-day policy meeting. Traders also kept an eye on Nvidia following key announcements from the tech giant.
The Dow Jones Industrials popped 320.33 points to 39,110.76.
The S&P 500 index gained 29.09 points to 5,178.51.
The NASDAQ fought its way out of the ditch and gained 63.34 points to 16,166.79.
The central bank is expected to keep rates unchanged Wednesday. However, a recent slate of worrying inflation reports has investors concerned that the central bank could signal interest rates will remain higher for longer than expected.
Chip darling Nvidia climbed 1% — recovering from an earlier loss — as investors evaluated the news from its first-ever GTC Conference. CEO Jensen Huang unveiled Nvidia’s latest artificial intelligence chip, labeled Blackwell, which he touted as a significantly more powerful successor to its chips that power a multitude of AI operations.
Super Micro Computer, a primary vendor for building out Nvidia’s AI servers, dropped nearly 9% on news of a share offering. Shares have ripped 220% higher this year on AI enthusiasm, leading the stock to be added to the S&P 500 on Monday. In another sign that the recent bull run could be slowing down, bitcoin proxy MicroStrategy dropped more than 5%. The stock had more than doubled in 2024 as bitcoin surged to record highs.
Prices for the 10-year Treasury gained ground, lowering yields to 4.30% from Monday’s 4.33%. Treasury prices and yields move in opposite directions.
Oil prices picked up 76 cents to $83.48 U.S. a barrel.
Gold prices dropped $3.50 to $2,160.80.
