Traders work on the New York Stock Exchange (NYSE) floor on September 09, 2024 in New York City.
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The S&P 500 edged higher on Tuesday, along with the Nasdaq Composite, as investors scooped up tech shares following a recent dip and investors tried to regain their footing after a tough September start.
The broad-market index advanced 0.3%, while the Nasdaq climbed 0.4%. The Dow Jones Industrial Average slipped 53 points, or 0.1%.
Nvidia and Amazon gained 2.2% and 1.8%, respectively. Microsoft shares added 1%. Cloud platform company Oracle surged 10% after posting fiscal first-quarter results that topped expectations and announcing a partnership with Amazon Web Services to provide database services.
Tech stocks have been struggling recently, with the Technology Select Sector SPDR Fund (XLK) losing more than 7% this quarter.
The moves come after traders had dumped the risk assets last week — amid a broader market fallout — over concerns about the health of the U.S. economy. On Monday, though, the major averages staged a rally of more than 1% across the board.
Investors are also betting that a widely anticipated interest rate cut at the Federal Reserve’s Sept. 17-18 meeting could help assuage concerns over a weakening economy.
Traders have their eyes on two key economic reports that will likely be the next catalysts for stocks. The consumer price index report for August is due out Wednesday, followed by the producer price index on Thursday.
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