The US markets ended mostly higher on Tuesday with Nasdaq settling over 220 points amid investors looked ahead to the release of some crucial U.S. data, including a report on consumer income and spending, for more clarity about the outlook for Federal Reserve’s interest rates. Nvidia rallied nearly 7 percent, rebounding after recent losses. Meta Platforms, Alphabet, Apple Inc., Eli Lilly, Micron Technology, Uber Technologies, Arista Networks, Palo Alto Networks, Dell, and Airbnb also posted strong gains. However, Walmart ended lower by more than 2 percent, after the company’s CFO flagged the second quarter as the most challenging quarter.
On the economic data front, the Chicago Fed’s measure of overall economic activity and related inflationary pressure in the United States rose in May for the first time in three months, survey results showed. The Chicago Fed National Activity Index, or CFNAI, rose to +0.18 in May from -0.26 in April, which was revised from -0.23. U.S. Meanwhile, house prices rose less than expected in April, after stagnating in the previous month, latest data from the Federal Housing Financing Agency showed. The seasonally adjusted house price index increased 0.2 percent from the previous month. Street had forecast a 0.3 percent gain. March’s 0.1 percent increase was revised down to 0.0 percent.
Nasdaq rose 220.84 points or 1.26 percent to 17,717.65 and S&P 500 was up by 21.43 points or 0.39 percent to 5,469.3, while Dow Jones Industrial Average fell 299.05 points or 0.76 percent to 39,112.16.
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