Stocks saw gains on Tuesday as the Federal Reserve began its two-day policy meeting. Traders were also closely monitoring Nvidia following significant announcements from the tech giant.
The Dow Jones Industrial Average rose by 320.33 points, or 0.83%, closing at 39,110.76, marking its best day since Feb. 22. The S&P 500 also saw an increase of 29.09 points, or 0.56%, closing at 5,178.51, while the Nasdaq Composite advanced by 0.39% to end at 16,166.79.
The Federal Reserve is anticipated to maintain current interest rates during their meeting on Wednesday. However, recent inflation reports have raised concerns among investors that the central bank may signal an extended period of higher interest rates.
Stocks were lifted as Treasury yields declined across the board, with the 10-year Treasury rate down by 4.5 basis points at 4.295%.
Leading chip manufacturer Nvidia saw a rise of nearly 1.1% following their first-ever GTC Conference where CEO Jensen Huang introduced the company’s latest artificial intelligence chip, Blackwell. Huang emphasized Blackwell as a more powerful successor to Nvidia’s existing AI chips, which are integral to various AI operations.
Source (CNBC)
