Stock market today: A rebound for Nvidia has it back to masking losses for much of Wall Street

NEW YORK — A rebound for Nvidia propped up a weakened Wall Street and kept U.S. stock indexes close to their records. The S&P 500 rose 0.4% Tuesday and neared its all-time high set a week earlier. The Nasdaq composite leaped 1.3% for its first gain in four days. Such strength came even as the majority of stocks on Wall Street outside artificial-intelligence winners fell. The Dow Jones Industrial Average, which doesn’t include Nvidia among its members, was a laggard and slumped 0.8%.

Nvidia's jump of 6% was enough to keep the S&P 500 out of a loss for the day by itself. The chip company's shares are on track to break a three-day losing streak where they had lost nearly 13%, their worst such stretch since 2022. The recent struggles for Nvidia haven’t raised too many concerns, at least not yet, because market watchers have been hoping for more stocks to participate in the rising stock market rather than just a handful of AI winners.

Pool Corp., a distributor of swimming pool supplies, tumbled 7.9% after it said construction of new pools is falling amid “cautious consumer spending on big ticket items” and cut its financial forecasts for the year. Broadly, sales at retailers across the country have been up and down recently as companies highlight how lower-income customers are struggling to keep up with still-rising prices. The job market, though, still looks mostly solid. A report on Tuesday also showed confidence among U.S. consumers fell this month, but not by quite as much as economists expected.

It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the Federal Reserve to cut its main interest rate later this year.

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