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US Stock Market Update: Tech Stocks Outperform as Traders Focus on Inflation Data

US stocks began the trading session on Tuesday with a mix of performances, with technology stocks shining amidst Wall Street’s attention on an upcoming inflation report closely monitored by the Federal Reserve.

The benchmark S&P 500 (^GSPC) hovered around the flatline, while the Nasdaq Composite (^IXIC) which is technology-heavy, saw an increase of approximately 0.5% following strong closing gains in the previous session. In contrast, the Dow Jones Industrial Average (^DJI), which includes fewer technology companies, experienced a slight decline of about 0.3%.

Traders are regrouping after a week of volatility that followed the Memorial Day break. Stock movements have been influenced by conflicting factors – diminishing hopes for interest rate cuts on one end, and elevated optimism for advancements in artificial intelligence on the other. One notable player in the AI space, Nvidia (NVDA), continued its post-earnings success, with shares climbing 3% in premarket trading.

Investors are now closely monitoring inflation indicators, particularly the Federal Reserve’s preferred PCE gauge set to be released on Friday. Various Fed officials have emphasized the necessity for concrete evidence of cooling inflation to prompt any policy adjustments, with Neel Kashkari being the latest to echo this sentiment.

Learn more: How does the labor market influence inflation?

The recent cautionary comments from Fed officials, combined with stronger-than-expected economic data releases and a hawkish tone in Fed meeting minutes, have resulted in traders reducing their expectations for interest rate cuts in the current year. Additionally, upcoming reports on first-quarter GDP and consumer confidence are anticipated to have an impact on market movements this week.

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Individual Stock Movements

In specific stock movements, GameStop (GME) witnessed a surge of up to 22% on Tuesday. The retail company recently disclosed raising nearly $1 billion through a share sale during a meme rally in May. On another note, Apple (AAPL) saw an increase following reports of a significant rise in iPhone sales in China during April, attributed to price reductions by retail partners.

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