NEW YORK, June 25 — The Nasdaq jumped today as Nvidia and other AI-linked stocks rose after bruising selloffs, while the Dow slipped from a one-month high as investors awaited key inflation data this week for further cues on the Fed’s monetary policy path.

AI chip firm Nvidia advanced 3.3 per cent, recouping some losses after three consecutive declining sessions. The stock has still lost 11 per cent since a record high close last week.

The US listing of Taiwan Semiconductor Manufacturing , Broadcom and Qualcomm were up between 0.5 per cent and 1.6 per cent, while an index of semiconductor stocks gained 0.8 per cent after slumping over 3 per cent in the previous session.

The S&P 500 technology sector gained 1.0 per cent, recovering some of yesterday’s losses.

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Sectors including utilities and energy pulled back after rising in yesterday’s session, while the industrial and material sectors led declines.

The Dow pulled back from a one-month high, dragged down by losses in consumer discretionary and industrial stocks, while the small-cap index also lost 0.5 per cent.

Technology and other growth stocks have driven the S&P 500 and the Nasdaq to record highs this year, but the value-focused Dow continues to significantly lag the other indexes, causing some to raise concerns over the sustainability of equity strength.

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The June reading of the US consumer confidence index slipped to 100.4 from a revised 101.3 the month prior, but was in line with expectations.

“If the economic data continues to weaken, equities might have to take a breather unless and until a September rate cut gets more likely,” said John Velis, Americas macro strategist at BNY Mellon.

Market participants see 61 per cent odds of a 25-basis point interest rate cut in September, and are eyeing around two cuts by the end of the year, according to LSEG’s FedWatch data.

The most closely watched event of the week will be the latest reading of the personal consumption expenditures (PCE) price index - the Fed’s preferred inflation gauge - on Friday.

Fed Governor

Michelle Bowman said she still does not forecast any reduction in the US benchmark interest rate this year.

At 10:03 a.m. ET, the Dow Jones Industrial Average was down 150.00 points, or 0.38 per cent, at 39,261.21, the S&P 500 was up 8.94 points, or 0.16 per cent, at 5,456.81, and the Nasdaq Composite was up 115.77 points, or 0.66 per cent, at 17,612.58.

Among others, Spirit AeroSystems dropped 5.3 per cent. A report showed Boeing has offered to acquire the airplane fuselage maker in a deal funded mostly by stock that values its key supplier at about US$35 per share. Boeing shares slipped 1.7 per cent.

Carnival Corp gained 3.7 per cent after raising its annual profit forecast, banking on higher prices for its itineraries and sustained demand for cruise holidays.

Trump Media & Technology Group rose 5.1 per cent, extending Monday’s strong gains. The company had announced it expected US$69.4 million in proceeds from cash exercise of warrants.

Declining issues outnumbered advancers for a 2.07-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.66-to-1 ratio on the Nasdaq.

The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 18 new highs and 80 new lows. — Reuters