Source Investing.com
U.S. stocks mostly edged higher Tuesday, bouncing after widespread selling in technology shares at the start of the week.
At 09:45 ET (12:45 GMT), Dow Jones Industrial Average fell 60 points, or 0.2%, while S&P 500 climbed 10 points, or 0.2% and NASDAQ Composite rose 95 points, or 0.5%.
Wall Street recovers after Nvidia losses
The tech sector is set to show a recovery Tuesday after being hit hard during the previous session, with the Nasdaq dropping 1.1%, its worst day since April, as investors collected profits following a stellar rally over the past few months.
AI darling Nvidia (NASDAQ:NVDA) stock gained 2% Tuesday, bouncing after having fallen almost 7% and tumbling for a third straight session after it briefly became the most valuable company on Wall Street last week.
PCE inflation awaited.
Focus this week was squarely on PCE price index data, which is the Federal Reserve’s preferred inflation gauge.
The reading is due on Friday and is expected to show some mild cooling in inflation, but it is also expected to remain well above the Fed’s 2% annual target range.
UBS expects the Federal Reserve to begin cutting interest rates in September.
While there has been unusual volatility in economic data since the start of the pandemic, certain trends now appear to be well established, UBS said.
The labor market, which was severely overheated two years ago, has returned to near pre-pandemic conditions, supported by a strong increase in labor supply.
NANO NUCLEAR ENERGY (NASDAQ: NNE) MAKES IT’S FIRST ACQUISITION
Nano Nuclear Energy Inc. (NASDAQ: NNE) an emerging vertically integrated microreactor and advanced nuclear technology company, led by a world-class nuclear engineering team, developing portable clean energy solutions, today announced its acquisition of novel annular linear induction pump (ALIP) intellectual property used in small nuclear reactor cooling and heat transfer from noted physicist, research engineer and project manager Carlos O. Maidana, PhD. of Maidana Research.