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Stock market today: Tech, Nvidia lead stocks higher as oil prices retreat, China rally stalls
US stocks closed higher across the board on Tuesday as investors welcomed a rebound in tech and a pullback in surging oil prices, putting the focus back on interest rates and the state of the US economy.
The Nasdaq Composite ( ^IXIC ) rose around 1.5% as tech megacaps recouped the previous session's losses . The benchmark S&P 500 ( ^GSPC ) stepped up around 1% to close within striking distance of its previous record high. The Dow Jones Industrial Average ( ^DJI ) edged up roughly 0.3%.
Chipmaker Nvidia ( NVDA ) led the bounce back in stocks, rising another 4% on Tuesday to close out its fifth straight day of gains amid continued bullishness around artificial intelligence.
Other "Magnificent Seven" stocks also regained ground lost amid recent negative headlines, with Amazon ( AMZN ), Apple ( AAPL ), and Alphabet ( GOOG , GOOGL ) all finishing the session firmly in the green.
Meanwhile, oil prices retreated as Mideast tensions somewhat cooled. Prices also came under pressure after China failed to roll out another large stimulus package on Tuesday, a surprise to investors hoping to add more fuel to the unprecedented rally.
Stocks in Hong Kong ( ^HSI ) slumped over 9% , as a roaring stimulus-fueled rally in Chinese stocks fizzled out .
Investors also turned their attention to monetary policy with markets still grappling with busted hopes for jumbo interest rate cuts.
New York Fed president John Williams told the Financial Times on Tuesday that Federal Reserve policy is "well positioned" to nail a "soft landing" for the economy. Meanwhile, Fed governor Adriana Kugler said data will continue to drive rate decisions .
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
Those comments sharpened investors' focus on the CPI inflation report due Thursday, which will provide further clues on the path forward for interest rates.