4:12pm: Nvidia above $1,100
US stocks finished the day mixed, with gains in tech stocks pushing the Nasdaq higher.
The Nasdaq gained 0.6% at 17,019 points, as chipmaker Nvidia surged more than 7% to a record $1,140.
The S&P 500 was flat at 5,306 points while the Dow Jones was down 0.6% at 38,852 points.
Meanwhile, consumer confidence unexpectedly rose in May after three months of declines. The latest reading from the Conference Board came in at 102, above the 97.5 reported in April and the 96 expected by analysts.
12:30pm: Mixed performance on Wall Street as tech holds strong
Stocks were mixed by the midday point of trading Tuesday, with tech stocks notably resilient while investors awaited an upcoming inflation report, closely monitored by the Federal Reserve.
The S&P 500 remained relatively flat, the Nasdaq Composite saw a modest increase of about 0.5%, and the Dow Jones Industrial Average slipped approximately 0.3%.
Markets experienced volatility last week, influenced by shifting sentiments regarding rate cuts and optimism surrounding advancements in AI, notably led by Nvidia, which topped the $1,100 a share mark on Tuesday.
"(Nvidia) continues to crush it on all metrics and the future exponential growth rate makes it worthy of every superlative uttered about them," Freedom Capital Markets (NASDAQ:FRHC) chief global strategist Jay Woods commented.
"Add in a 10-for-1 stock split and the price of the stock gapped up and continued higher. It appears to have started yet another leg of its epic bull run and doesn’t appear to be looking back any time soon."
Investor attention now turns to the forthcoming release of the Federal Reserve's preferred inflation gauge, the PCE, scheduled for Friday, with expectations for signs of cooling to prompt any policy shifts.
Additionally, updates on first-quarter GDP and consumer confidence later in the week are anticipated to serve as market catalysts.
10:05am: Stocks open mixed
Wall Street stocks have mostly opened higher, though the Dow Jones is down 0.25% as health stocks weigh on the blue-chip index.
The Nasdaq Composite is up 0.2%, led by a near-5% Nvidia rise for Nvidia, while the S&P 500 is flat, having traded higher initially.
Apple, Alphabet and ASML are in green, but they are the only ones in the Nasdaq's top 15.
And just now, US consumer confidence data has been printed for May, coming in higher than expected.
The confidence index rose to 102.0 from a revised 97.5 the month before, better than the 96.0 consensus estimate.
Confidence about the present situation rose to 143.1 from 140.6, while expectations improved to 74.6 from 68.8.
Wall Street indices fell in advance of the release but are rising again after.
Earlier, the Case-Shiller house price index, which covering 20 major US cities, rose 0.3 per cent in March on a seasonally-adjusted basis from the previous month, slower than the previous month but in line with economists’ forecasts.
Year-on-year, prices increased 7.4%, up from February’s 7.3% and the fastest annual increase since October 2022.
A shortage of housing inventory continues to support demand, particularly in markets like New York and San Diego.
8am: Mixed start anticipated
US markets are heading for a mixed start as they reopen after the Memorial Day holiday, with meme stock followers no doubt excited to see GameStop rocketing higher again.
On a wider view, tech stocks seem to be expected to drive gains, with Nasdaq 100 futures pointing to a 0.2% increase, with S&P 500 futures up 0.1%, while Dow Jones futures are down 0.1%.
Trading volumes have been light for stock index futures markets, says market analyst David Morrison at Trade Nation.
"Stock indices are a touch firmer this morning, but it’s difficult to gauge investor sentiment. We’ll probably need to wait until volumes pick up later this afternoon."
In the energy markets, WTI crude prices have steadied after rebounding sharply yesterday from more than three-month lows ahead of the online OPEC+ meeting next weekend.
In US data, consumer confidence numbers are due today, the Federal Reserve's Beige Book tomorrow, followed by the second reading of GDP and the trade balance on Thursday with the Chicago PMI alongside the PCE inflation reading that is seen as a key reading for the Fed as policymakers' preferred inflation measure.
"All roads this week point towards the April US core PCE print on Friday," says Deutsche Bank's Jim Reid. "You don't need me to tell you how well scrutinised this data will be and how important it is to the Fed."
Versus the previous month, PCE inflation is expected to edge down from 0.32% to 0.26%.
Over at GameStop Corp (NYSE:GME), the stock has surged 23% in premarket trading after the video games retailer said it had raised over $930 million from selling shares.