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

Author: Piero Cingari | May 28, 2024 01:47pm

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

• Nvidia Corp. (NASDAQ: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 (NASDAQ:ARM) increased nearly 10% following a bullish note from Rosenblatt.
• The chipmaker industry, as tracked by the iShares Semiconductor ETF (NASDAQ: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 (NASDAQ:TLT) to drop nearly 1%.

Major Indices	Price	1-day %chg
Russell 2000	2,073.99	0.3%
Nasdaq 100	18,859.53	0.1 %
S&P 500	5,308.87	0.0%
Dow Jones	38,879.48	-0.5%

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

The Energy Select Sector SPDR Fund (NYSE:XLE) outperformed, up by 0.9%. The Health Care Select Sector SPDR Fund (NYSE: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 (CRYPTO: BTC) 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. (NASDAQ: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. (NYSE:GME) soared 30%, after the company managed to successfully raise $933 million by selling 45 million shares.
• Norwegian Cruise Holdings Ltd. (NYSE: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. (NASDAQ:CELH) fell 19% on track for the worst session since March 2021, after Morgan Stanley raised concerns of slowing sales growth.
• HubSpot Inc. (NASDAQ:HUBS) rose over 7% after CNBC confirmed rumors of a potential acquisition bid from Alphabet Inc. (NASDAQ:GOOGL).
• DraftKings Inc. (NASDAQ: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. (NYSE:HEI) and Cava Group Inc. (NYSE:CAVA).

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

Posted In: $BTC ARM CAVA CELH DIA DKNG GME GOOGL HEI HUBS MRNA NCLH NVDA QQQ SOXX SPY TLT XLE XLV XLY