US Stocks Waver, Nvidia Lifts Chipmakers, GameStop Spikes, Moderna Tumbles: What's Driving Markets Tuesday?

Zinger Key Points
  • Nvidia shares surged over 6% to $1,128, driven by Elon Musk's xAI supercomputer plans using Nvidia chips.
  • Major indices had a lackluster session; S&P 500 was flat, Nasdaq 100 up 0.1%, and Dow Jones down 0.5%.

Wall Street resumed trading after the Memorial Day holiday with a familiar trend, as major chipmaker stocks significantly outperformed the broader market.

  • Nvidia Corp. NVDA shares surged over 6% to $1,128, reaching new all-time highs.
  • Elon Musk's xAI plans to build a supercomputer powered by Nvidia chips fueled the positive momentum.
  • Arm Holdings plc ARM increased nearly 10% following a bullish note from Rosenblatt.
  • The chipmaker industry, as tracked by the iShares Semiconductor ETF SOXX, rose 1.9%, hitting new record highs.
  • Since late October 2023, semiconductor stocks have increased by 68%, doubling the performance of the Nasdaq 100.

Lackluster Midday Session, Major Indices

The S&P 500 and the broader tech sector showed a flat and 0.1% performance, respectively.

Blue-chip stocks tracked by the Dow Jones fell 0.5%, while small caps inched up by 0.3%.

Treasury yields rose on the long end of the curve, with the 30-year yield up 5 basis points to 4.62%, causing the iShares 20+ Year Treasury Bond ETF TLT to drop nearly 1%.

Major IndicesPrice1-day %chg
Russell 20002,073.990.3%
Nasdaq 10018,859.530.1 %
S&P 5005,308.870.0%
Dow Jones38,879.48-0.5%
Updated at 12:55 p.m. EDT

The SPDR S&P 500 ETF Trust SPY was flat at $529.82, the SPDR Dow Jones Industrial Average DIA fell 0.5% to $388.63 and the tech-heavy Invesco QQQ Trust QQQ was 0.3% higher to $459.17, according to Benzinga Pro data

The Energy Select Sector SPDR Fund XLE outperformed, up by 0.9%. The Health Care Select Sector SPDR Fund XLV lagged, easing 1.4%.

Meanwhile, U.S. home prices reached new all-time highs in March — the fastest pace in a year. Investors may perceive this as a concern regarding further housing-related inflation.

Oil prices increased by 1.6% on a positive demand outlook as the driving season begins. Silver rose nearly 1%, while gold edged up 0.2%.

And Bitcoin BTC/USD fell 2.4%, marking its worst session since May 10.

See Also: Magnificent 7 Becomes ‘The Magnificent One’: Wall Street Guru Hails Single Tech Stock As Market Leader

Monday’s Stock Movers

  • Moderna Inc. MRNA tanked 10% on track for the worst session since February 2022 as investors likely took profits after ten straight sessions of gains.
  • GameStop Corp. GME soared 30%, after the company managed to successfully raise $933 million by selling 45 million shares.
  • Norwegian Cruise Holdings Ltd. NCLH rose 3.8% after Mizuho Securities USA LLC upgraded the stock from Neutral to Buy, raising the price target from $21 to $24.
  • Celsius Holdings Inc. CELH fell 19% on track for the worst session since March 2021, after Morgan Stanley raised concerns of slowing sales growth.
  • HubSpot Inc. HUBS rose over 7% after CNBC confirmed rumors of a potential acquisition bid from Alphabet Inc. GOOGL.
  • DraftKings Inc. DKNG plummeted 11%, eyeing the worst session since November 2022, as Illinois Senate passed a betting tax bill.
  • Large-cap stocks reporting after the close include Heico Corp. HEI and Cava Group Inc. CAVA.

Now Read: Small Cap Stocks At Lowest Valuation In Decades, But Analyst Holds Off Buying, Citing $600B Debt Concerns

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