US close: Nvidia pushes S&P 500 and Nasdaq higher, but Dow drops

With just eight stocks in positive territory, the Dow finished down 0.8% at 39,113, suffering its worst daily performance in nearly a month, with Boeing among the worst performers after hitting headlines for a trio of negative reasons.

However, the S&P 500 rose 0.4% to 5,469, while the Nasdaq surged 1.3% to 17,718, as both indices recovered after recent losses, spurred by a 13% drop in the price of Nvidia since last Tuesday. The stock finished nearly 7% higher.

“Just as investors were starting to get worried about Nvidia’s share price entering a fourth day of declines, the chip giant has managed to shake off negative sentiment and bounce back,” said Dan Coatsworth, investment analyst at AJ Bell.

“What looked like a bout of profit taking in Nvidia now seems to have reversed, with investors potentially using recent share price weakness to load up on stock."

In economic news, the S&P/Case-Shiller 20-city home price index showed annual growth slowing to 7.2% in April from 7.5% in March, though still well above the 6.9% consensus forecast as prices hit yet more record highs.

Meanwhile, the national consumer confidence index by the Conference Board fell to 100.4 from 101.3, but came in marginally ahead of the 100 reading expected. Dana M. Peterson, chief economist at The Conference Board, said confidence "remained within the same narrow range that's held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future".

Boeing drops, Carnival jumps

News that a Korean Air Boeing aircraft heading for Taiwan dropped 25,000 feet in five minutes following a fault with its pressurisation system was among the things to weigh on Boeing's share price on Tuesday.

Separately, US prosecutors recommended overnight that the Department of Justice bring criminal charges against Boeing for violating a settlement related to two fatal crashes in 2018 and 2019.

Meanwhile, Boeing reportedly changed the offer terms for its takeover of Spirit AeroSystems from an all-cash offer to a mostly stock deal, with shareholders of the jet parts manufacturer expressing dissatisfaction with the stock falling 4%.

Also weighing on sentiment in the aerospace sector was an update from French giant Airbus which slashed its full-year earnings and delivery targets for the year as a result of a "degraded operating environment".

Cruise line operator Carnival ended the session up nearly 9% after posting better-than-expected second-quarter results and raising its full-year guidance on the back of a record cumulative booked position for 2024.

Microsoft gained despite the EU accusing the company of violating competition regulations, through the “abusive” bundling of its Teams and Office products.

Tesla rose despite the news it is to recall more than 23,000 Cybertrucks after issues were found with its wipers and trunk-bed trims.

Dow Jones - Risers

Salesforce.Com Inc. (CRM) $241.76 0.76%
Microsoft Corp. (MSFT) $450.95 0.73%
Intel Corp. (INTC) $30.74 0.56%
Apple Inc. (AAPL) $209.07 0.45%
Amgen Inc. (AMGN) $319.31 0.36%
Walt Disney Co. (DIS) $102.20 0.22%
Cisco Systems Inc. (CSCO) $47.38 0.21%
Dowdupont Inc. (DWDP) $0.00 0.00%
Merck & Co. Inc. (MRK) $132.92 -0.03%
Coca-Cola Co. (KO) $63.81 -0.20%

Dow Jones - Fallers

Home Depot Inc. (HD) $338.32 -3.58%
Dow Chemical Co. (DOW) $53.10 -2.67%
Nike Inc. (NKE) $94.75 -2.49%
Boeing Co. (BA) $175.10 -2.23%
Walmart Inc. (WMT) $67.42 -2.15%
International Business Machines Corporation (CDI) (IBM) $172.35 -1.38%
Walgreens Boots Alliance, Inc. (WBA) $15.70 -1.32%
Johnson & Johnson (JNJ) $147.15 -1.29%
McDonald's Corp. (MCD) $257.40 -1.15%
Travelers Company Inc. (TRV) $208.78 -1.12%

S&P 500 - Risers

Carnival Corp. (CCL) $17.82 8.72%
Nvidia Corp. (NVDA) $126.09 6.76%
Norwegian Cruise Line Holdings Ltd (NCLH) $18.29 5.11%
Royal Caribbean Cr (RCL) $160.73 4.02%
Hewlett Packard Enterprise (HPE) $21.12 3.18%
Intuitive Surgical Inc. (ISRG) $442.31 3.09%
KLA-Tencor Corp. (KLAC) $818.04 3.03%
Chipotle Mexican Grill Inc. (CMG) $3,283.04 2.80%
Lam Research Corp. (LRCX) $1,052.90 2.78%
Alphabet Inc. Class A (GOOGL) $184.03 2.68%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $1.07 -8.55%
Leggett & Platt Inc. (LEG) $11.18 -7.14%
Pentair plc (PNR) $74.31 -7.11%
Mohawk Inds Inc. (MHK) $106.33 -5.71%
CenturyLink Inc. (LUMN) $0.99 -5.48%
Whirlpool Corp. (WHR) $87.06 -5.21%
Lowe's Companies Inc. (LOW) $217.25 -4.88%
Tractor Supply Company (TSCO) $264.56 -4.62%
Hanesbrands Inc. (HBI) $4.95 -4.26%
Mattel Inc. (MAT) $16.49 -4.24%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $126.09 6.76%
Mercadolibre Inc. (MELI) $1,642.28 3.75%
Qurate Retail Inc. (QRTEA) $0.64 3.59%
Intuitive Surgical Inc. (ISRG) $442.31 3.09%
KLA-Tencor Corp. (KLAC) $818.04 3.03%
Lam Research Corp. (LRCX) $1,052.90 2.78%
Alphabet Inc. Class A (GOOGL) $184.03 2.68%
Alphabet Inc. Class C (GOOG) $185.58 2.65%
Tesla Inc (TSLA) $187.35 2.61%
Meta Platforms Inc. (META) $510.60 2.34%

Nasdaq 100 - Fallers

Hasbro Inc (HAS) $59.40 -3.85%
JD.com, Inc. (JD) $27.57 -2.79%
Vodafone Group Plc ADS (VOD) $8.92 -2.51%
O'Reilly Automotive Inc. (ORLY) $1,057.79 -2.37%
DENTSPLY Sirona Inc. (XRAY) $25.01 -2.19%
Liberty Global plc Series C (LBTYK) $17.40 -2.14%
Liberty Global plc Series A (LBTYA) $17.03 -1.90%
Dollar Tree Inc (DLTR) $105.41 -1.81%
Henry Schein Inc. (HSIC) $66.10 -1.74%
Gilead Sciences Inc. (GILD) $69.61 -1.58%