Stocks rose Tuesday as the broader market was boosted by Nvidia
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Moving Markets: Nvidia announced a new generation of artificial intelligence chip and software on Monday during the company's developer's conference in San Jose, California, boosting optimism in the company as it continues to be one of the frontrunners in the emerging AI sector.
Named Blackwell, the new generation of AI graphics processors are not a chip but a platform, according to CEO Jensen Huang, highlighting how the company plans to become less of a semiconductor juggernaut and more of a platfrom provider for other companies to build software on, like Apple
The Blackwell processors are the company's successor to Hopper, or its current generation H100 chips which debuted in 2022, and include what Nvidia calls a "transformer engine specifically built to run transformers-based AI," that power popular technologies like ChatGPT.
On the Economic Front: U.S. housing starts and building permits rose at a faster-than-expected prate in February, the Commerce Department reported on Tuesday. Starts of single-family homes rose 10.7% from January and 5.9% year-over-year to a seasonally adjusted total of 1.521 million last month, while permits to begin construction rose 1.9% on the month and 2.4% from a year ago to total 1.518 million. Moreover, completed construction totaled 1.73 million in February, up 19.7% month-to-month and 9.6% annually.
In Single-Stock News: Unilever
"The proposed changes are expected to impact around 7,500 predominantly office-based roles globally, with total restructuring costs now anticipated to be around 1.2% of group turnover for the next three years (up from the around 1% of Group turnover previously communicated)," Unilever said ina statement.
Nordstrom
For Wednesday: All attention will be focused on the Federal Reserve's latest policy decision and remarks from Fed Chair Jerome Powell due out Wednesday afternoon as traders access clues on the central bank's next moves for interest rates.