Stock market today: Asian stocks follow Wall Street rise, but Nvidia tumbles again as AI mania cools

FILE - The New York Stock Exchange is shown on June 11, 2024 in New York. European markets have opened with gains on Monday, June 24, 2024, and Asia n benchmarks retreated after U.S. stocks coasted to the close of their latest winning week. Japan’s benchmark Nikkei 225 surged 1% to 39,190.97 after data from the Bank of Japan Tuesday showed the services producer price index in May was up 2.5% compared to the same period last year, a slowdown from the 2.7% increase seen in April.

On Monday, the S&P 500 slipped 0.3% to 5,447.87. The drops for Nvidia and other winners of Wall Street’s artificial intelligence boom pulled the Nasdaq composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0.7% to 39,411.21.Stock market today: Wall Street coasts to the close of another winning week as Nvidia cools againStocks of oil and gas companies were among the market’s strongest, as seven out of every 10 stocks in the S&P 500 rose.

Nvidia’s stock has been receding since it briefly overtook Microsoft as Wall Street’s most valuable last week, and it’s down nearly 13% in just three days. Because Nvidia has become so massive in size, the movements for its stockon the S&P 500 and other indexes. It was the heaviest weight by far on the S&P 500 Monday.

In the bond market, Treasury yields eased a bit. The yield on the 10-year Treasury fell to 4.23% from 4.26% late Friday.

Source: News Formal (newsformal.com)

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