Wall Street: Nvidia stock rebounds over 2%, lifts Nasdaq higher

At 11:16 am EDT, Nvidia Corp stock was at $124.03, up $5.92 or 5.01 per cent. It is on track to break a three-day losing streak.

US-listed Taiwan Semiconductor Manufacturing , Broadcom and Qualcomm gained between 0.5 per cent and 1.6 per cent.

The optimism around demand for Nvidia chips for artificial intelligence applications was a major reason for its stock’s recent record rallies. However, the Nvidia stock had suffered losses in past three sessions on profit-taking. 

On Monday, the chipmaker’s stock had ended at $118.11.

An index of semiconductor stocks added 0.8 per cent.

US stock indices

At 10:03 a.m. ET, the Dow Jones Industrial Average was down 150.00 points, or 0.38 per cent, at 39,261.21, the S&P 500 was up 8.94 points, or 0.16 per cent, at 5,456.81, and the Nasdaq Composite was up 115.77 points, or 0.66 per cent, at 17,612.58.

The S&P 500 technology sector rose 1.0 per cent.

A report showed that the US consumer confidence index in June fell to 100.4 from a revised 101.3 the month prior.

Shares of SolarEdge Technologies sank 16.4 per cent after it said a customer that owes it $11.4 million had filed for Chapter 7 bankruptcy. 

Carnival Corp surged 3.7 per cent after raising its annual profit forecast.

Spirit AeroSystems stock fell 5.3 per cent after a report said Boeing has offered to buy the airplane fuselage maker in a deal funded mostly by stock.

The yield on the 10-year Treasury rose to 4.25 per cent from 4.23 per cent late on Monday.

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Published: 25 Jun 2024, 07:48 PM IST