Breaking News: S&P 500 and Dow Hit Record Highs Despite Consumer Worries - Nvidia Leads Tech Rally
In a surprising turn of events, the S&P 500 and Dow closed at record highs on Tuesday, with tech stocks leading the charge. Nvidia Corporation saw a nearly 4% increase, contributing to the overall rally in the tech sector. This comes amidst reports that the chipmaker has stopped taking orders for its H20 chips to comply with U.S. export regulations.
However, consumer confidence took a hit as the Conference Board's index dropped to a three-year low, raising concerns about jobs and inflation. Federal Reserve speakers continue to monitor the situation closely, with Governor Michelle Bowman cautioning against further rate cuts due to inflation levels exceeding the Fed's target.
On the corporate front, Boeing offered a new labor deal to its striking workers, while Visa Inc faced a setback as the Department of Justice filed an antitrust lawsuit against the payment company. Despite these challenges, Deere & Company saw a rise in its stock price.
Overall, the financial markets are experiencing a mix of highs and lows, with investors keeping a close eye on economic indicators and corporate developments. Stay tuned for more updates as the situation unfolds.