On Tuesday, the U.S. stock market remained stable as investors cautiously considered Nvidia’s (NVDA) ambitious AI initiatives and speculated on the future of tariffs, all while awaiting upcoming job data.
The S&P 500 saw a slight increase of 0.3%, maintaining its prior gains that were largely driven by tech stocks. Similarly, the Dow Jones Industrial Average also rose by 0.3%, while the tech-centric Nasdaq Composite edged up by around 0.2%.
The excitement surrounding Nvidia CEO Jensen Huang’s keynote address at CES is providing a positive signal for the markets, which have been moving cautiously amidst uncertainties regarding policy changes anticipated from the upcoming Trump administration.
Nvidia’s shares climbed by roughly 2% in early trading, reaching a new record high following Huang’s unveiling of a new AI superchip and other products. This announcement has fueled a continued rally among chip stocks, with Micron Technology (MU) climbing approximately 4% and various Asian tech stocks also seeing advancement.
Investors are eagerly awaiting more clarification on Donald Trump’s tariff strategy. On Monday, the president-elect denied a Washington Post report that suggested his team was contemplating more precise measures, which could potentially boost global growth prospects. Meanwhile, the dollar remained under pressure, dropping to its lowest level in a week.
Later in the day, an update on the JOLTS job openings for November will be released, contributing to discussions around future interest rate paths and leading into Friday’s crucial December jobs report. Recently, Federal Reserve officials indicated they plan to adopt a more measured pace in adjusting rates, owing to a robust jobs market and persistent inflation pressures.
As the markets opened higher on Tuesday, Nvidia (NVDA) once again played a pivotal role in enhancing investor sentiment.
The benchmark S&P 500 ticked up 0.3%, maintaining gains from the previous session, which were bolstered by tech stocks. The Dow Jones Industrial Average saw a similar rise of 0.3%, while the Nasdaq Composite increased by approximately 0.2%.
Following CEO Jensen Huang’s keynote at the annual CES trade show in Las Vegas, Nvidia’s stock experienced a significant boost, surging as much as 2.5% in premarket trading. During his address, Huang offered a series of updates on forthcoming Nvidia products, showcasing advancements expected in the rapidly growing AI sector and other emerging tech fields.
Prior to Huang’s keynote, Nvidia shares had already closed at a historical high of $149.43, surpassing its previous peak close of $148.88 achieved on November 7. The continuous excitement among investors underscores the company’s pivotal role in shaping the future of technology.
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