By Stock indexes gained Tuesday as chip darling Nvidia edged toward record highs and as traders braced for new economic data later in the week.
The Dow Jones Industrial Average rose almost 200 points, while the benchmark S&P 500 and the Nasdaq Composite also edged up.
Nvidia flirted with record highs, gaining as much as 3% in pre-market trading before opening nearly flat around $150 a share.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 5,989.62, up 0.25%
- Dow Jones Industrial Average:42,906.03, up 0.44% (+186.70 points)
- Nasdaq composite: 19,889.67, up 0.10%
The chip maker’s latest rise comes after CEO Jensen Huang delivered the keynote address at CES on Monday evening, unveiling a new set of AI products and partnerships for the company. The new initiatives range from robotics and autonomous cars to agentic AI.
Huang’s talk generated a fresh burst of enthusiasm for AI at a time when there are few other catalysts to push tech shares higher before earnings season begins later in January. Chip stocks were broadly higher, extending a rally from Monday after a strong earnings report from Foxconn, a contract manufacturer of chips.
Micron Technology was up 6% in early trading after Huang said the company is providing memory to Nvidia’s new set of AI-powered gaming chips. The two companies have worked in partnership for several years on other initiatives.
Investors will be tuned into fresh economic data later this week.
The Job Openings and Labor Turnover Survey is due at 10 a.m. ET on Tuesday. On Wednesday, ADP will publish private payroll data, which will be followed on Friday by the December nonfarm payrolls report. The report is expected to show US employers added 155,000 jobs last month and the unemployment rate is expected to remain at 4.2%.
Here’s what else is happening:
- Meta is ending third-party fact-checking and will replace it with community notes, similar to X.
- Why Morgan Stanley’s top stock strategist predicts the market will face a difficult start to 2025
- America’s stock-market boom will end in 2025 as markets punish the US for its yawning deficits, Rockefeller chairman says
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose 0.9% to $74.23 a barrel. Brent crude, the international benchmark, was up 1% to $77.04 a barrel.
- Gold rose 1% to $2,676.50 an ounce.
- The 10-year Treasury yield was up two basis points to 4.642%.
- Bitcoin was nearly flat at $100,438.
