Featured article on China / Contributor / Getty Images
Key points
-
Major U.S. stock indexes were up slightly in midday trading on Tuesday, as shares of U.S.-listed Chinese companies rose after Beijing unveiled a stimulus package to boost China’s economy.
-
Nvidia shares rose after Morgan Stanley analysts said the chipmaker is seeing strong demand for its Hopper and Blackwell GPUs.
-
Shares of Freeport-McMoRan, Newmont and other gold mining companies rose as the price of gold hit another record high.
Major US stock indexes rose slightly in midday trading on Tuesday after China announced a new stimulus package to boost the Chinese economy. The S&P 500 and the Dow Jones hit record highs, while the Nasdaq also posted gains.
Shares of U.S.-listed Chinese companies and shares of U.S.-based companies with significant exposure to China rose, with Caterpillar (CAT) leading the Dow’s gains. Las Vegas Sands (High speed vehicles) and Wynn Resorts (WYNN) were also higher.
Freeport-McMoRan shares (FCX), New Monton (NEM) and other gold mining companies advanced as the precious metal hit another record high.
The shares of the beloved Nvidia in artificial intelligence (NVDA) also rose as Morgan Stanley analysts said the chipmaker is seeing strong demand for its Hopper and Blackwell GPUs.
Visa (V) The company’s shares fell after news broke that U.S. regulators will file a lawsuit against the credit card company, accusing it of harming consumers by monopolizing payment processing technology. Shares of other credit card providers also fell.
Regeneron Pharmaceuticals Shares (KINGDOM) lost ground after a federal judge ruled against the biotech company’s claim that Amgen (AMGN) infringed the patent on its Eylea eye treatment. Amgen shares also fell.
Oil futures rose and the 10-year Treasury yield rose. The U.S. dollar gained ground against the yen, but fell against the euro and pound. Most major cryptocurrencies traded lower.