Tech Stocks Advance On Epic AI-Driven Rally: S&P 500, Dow Retreat Amid Debt Deal Vote, Rate Hike Fears -

Logo BenzingaBenzinga
2023-05-30 17:48:00  • 7 mins

Volatility marks Tuesday's session in the U.S. stock market, as investors are focusing onthe AI-centric rally and awaiting the House Rules Committee's vote on the debt limit agreement.

Nvidia Corp. NVDA has joined the exclusive club of Apple Inc. AAPL, Microsoft Corp. MSFT, Alphabet Inc. GOOGL GOOG, and Amazon, Inc. AMZN in reaching over a$1 trillion market capitalization.

The debt ceiling agreement reached over the weekend by President Joe Biden and House Speaker Kevin McCarthy must now clear the House Rules Committee, where three Republican committee membersmay vote against the measurebefore it can go tothe House floor.

Meanwhile, investors raised their expectations for a Fed interest rate hikein June, now assigning a 60% chance according to the CME Group Fedwatch tool.

Cues From Tuesday's Trading:

The tech-heavy Nasdaq 100 index continued to outperform other major averages, unchanged on the day, while the S&P 500 index and the Dow Jones Industrial Average fell 0.3% and 0.7% respectively. Small caps in the Russell 2000 index fell 0.5%.

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