The S&P 500 rose slightly Tuesday, as Treasury yields fell for a second day. A rally in semiconductor stocks lifted the NASDAQ Composite.
The Dow Jones Industrials jumped 160.01 points to conclude Tuesday at 53,577.17.
The much-broader index added 24.34 points to 7,677.20.
The NASDAQ Composite hiked 171.11 points to 26,161.30.
Chip stocks rallied ahead of Nvidia’s results due out after the close on Wednesday. Shares of the Jensen Huang-helmed company were up about 2%, on track to snap a seven-day decline. Advanced Micro Devices climbed 4% and Micron Technology added 2%.
Consumer names were a notable laggard, with shares of Dick’s Sporting Goods plunging more than 29% following disappointing results. The sports equipment retailer is on pace for its worst day on record. Other retailers such as Walmart dipped 1%, while and Target was also under pressure, falling 4%.
Sentiment was hurt by a worse-than-expected consumer confidence reading and a worsening trade conflict between the U.S. and Canada.
Consumer confidence edged lower in August and grew particularly downbeat about the look further down the road. The Conference Board’s Consumer Confidence Index moved to 89.4, down 0.8 points and below the Dow Jones consensus for 90.2.
Canada on Tuesday announced retaliatory tariffs against the United States, with the government saying it will match the 50% levies that President Donald Trump imposed over the weekend “dollar for dollar.”
Prices for the 10-year Treasury strengthened, lowering yields to 4.63% from Monday’s 4.70%. Treasury prices and yields move in opposite directions.
Oil prices skidded $2.99 to $82.02 U.S. a barrel.
Gold prices regained $20.40 to $4,718.20 U.S. an ounce.
