Wall Street took a hit Tuesday after the latest inflation update sent most stocks lower, according to the Associated Press. Still, indexes are hovering near records thanks to the market’s most influential stock, Nvidia.
The S&P 500 fell 0.1% in midday trading to just below its all-time high, set last Thursday. The Dow Jones Industrial Average was down 0.7%, while the Nasdaq was 0.4% higher and headed toward another record.
The yield on the 10-year Treasury was up to 4.47% from 4.43% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for the Federal Reserve’s short-term interest rates, ticked up to 3.94% from 3.90%.
Tech stocks rose after Nvidia said it had received assurance from the U.S. government that licenses will be granted to its H20 chip again, and that deliveries should begin soon. The company’s 4.3% gain was the strongest force on the S&P 500 on Tuesday.
JPMorgan Chase was down 0.9% in spite of stronger profit reports than analysts had expected.
Citigroup ticked up 1.6%, and Wells Fargo fell 5.3% following their profit reports, which likewise exceeded expectations.
