Stock market today: Live updates

[Pelican Press 0]

Stock market today: Live updates

Tech stocks on display at the Nasdaq.

Peter Kramer | CNBC

The S&P 500 retreated on Tuesday as concerns over rising yields outweighed a rally in artificial intelligence darling Nvidia.

The broad index slid 0.4%, while the Dow Jones Industrial Average shed more than 331 points, or 0.9%. The Nasdaq Composite traded near flat, buoyed by Nvidia’s jump of more than 5%.

On the other hand, the blue-chip Dow was weighed down by a slide in Merck and other health names. More than 350 stocks in the broad S&P 500 were tracking for losses in the session. The index’s health care, industrials, financials and consumer staples sectors were all poised to finish more than 1% in the red.

Dampening investor sentiment was an uptick in the benchmark 10-year Treasury yield back above the key 4.5% level after a government auction that was met with weak demand. The 10-year yield was last higher by nearly 7 basis points.

The Nasdaq Composite, 1-day

Minneapolis Federal Reserve President Neel Kashkari said Tuesday he wants to see “many more months” of data pointing to easing inflation before cutting rates. He also said he would not rule out further rate hikes if price pressures tick up again.

Tuesday’s moves come near the end of a strong month, with all three major indexes recording fresh record levels in May. Softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment, with the former suggesting Federal Reserve rate cuts could come earlier than investors had anticipated. The Dow has added about 2.5%, while the S&P 500 and Nasdaq have climbed more than 4% and 8%, respectively.

“We could see a little bit of choppiness this week” coming off the long weekend, said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. “But overall, I think the market is bullish.”

Looking ahead, investors are gearing up for the April personal income and expenditures report, which includes the PCE inflation reading, out Friday.

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