S&P 500 and Nasdaq rise as Nvidia rebounds: live updates

Consumer confidence declined slightly in June, as did their near-term outlook for business conditions, the Conference Board reported Tuesday.

The board confidence index fell to 100.4, slightly below May’s 101.3 but a little better than the Dow Jones estimate of 100. The current situation index rose slightly to 141.5 while the expectations index decreased to 73.

“Confidence fell in June but remained in the same narrow range it has remained in for the past two years, as the strength of current labor market views continued to outweigh concerns regarding the future,” said Dana M. Peterson, the council’s chief economist.

Separately, the Richmond Federal Reserve’s manufacturing index fell to -10 in June, from zero in May and worse than the -0.5 estimate.

—Jeff Cox

Carnival Corp. shares jumped at the start of the session after the cruise line announced a stronger-than-expected second quarter.

Carnival generated adjusted earnings per share of 11 cents on revenue of $5.78 billion. Analysts surveyed by LSEG had expected a loss of 2 cents per share on revenue of $5.68 billion.

The company raised its full-year guidance for net yield and adjusted net profit and said demand for 2025 appears stronger than for 2024.

The stock was up more than 6% shortly after the market opened.

The S&P 500 and the Nasdaq Composite started Tuesday’s session in the green.

The broader market index rose 0.2%, while the tech-heavy Nasdaq added 0.5%.

Meanwhile, the Dow Jones Industrial Average lost 60 points, or 0.2%.

-Hakyung Kim

Lower inflation figures raise hopes for a reduction in interest rates while signaling some caution about the pace of economic growth, according to JPMorgan.

While back-to-back declines in the consumer price index “were supposed to put things firmly in soft landing territory, some volatility in initial jobless claims is raising our antennas on growth risk,” said Marko Kolanovic, the company’s chief market strategist, in a note Monday. .

It’s not just the general upward trend in claims that “suggests increased risks to the market and growth,” Kolanovic added. He also cited a “lag” between market gains and new orders and inventories in the manufacturing sector, as well as weak market leeway, a rising unemployment rate and falling housing starts. of housing.

—Jeff Cox

Here are some of the stocks that made the biggest moves premarket.

Solaredge Technologies — Green energy stock fell 18% after announcing a new debt offering. Solaredge announced it would offer $300 million in convertible notes, due 2029.

Sea Limited — US stocks in the Singapore-based consumer internet sector fell more than 4% following a downgrade by JPMorgan to neutral from overweight.

Pool Corp — Shares fell 12.4% after the wholesale distributor of swimming pool supplies lowered its full-year profit forecast Monday afternoon.

—Jesse Book

Federal Reserve Governor Michelle Bowman said Tuesday that the time is not yet right to start lowering interest rates, adding that she would be open to raising rates again if inflation does not fall. not.

“If available data indicate that inflation is sustainably trending toward our 2% goal, it will ultimately become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming too restrictive,” Bowman said in prepared remarks. for a speech in London. “However, we are not yet at the point where it is appropriate to lower the policy rate.”

The full story can be found here.

—Jeff Cox, Hakyung Kim

European Union regulators said Tuesday that Microsoft was violating antitrust rules in the region by “improperly” bundling Teams and Office.

“The European Commission has informed Microsoft of its preliminary opinion that Microsoft violated EU antitrust rules by linking its communications and collaboration product Teams to its popular productivity applications included in its Office 365 and Microsoft 365 business suites “, said the European Commission. executive arm – said in a statement.

Microsoft shares were down slightly in premarket trading.

—Fred Imbert

Nvidia shares rose more than 3% in premarket trading after the chipmaker suffered its worst daily decline since April. AMD and Super Micro Computer were also trading higher before the bell.

European stocks opened lower on Tuesday, following the deterioration of US market confidence at the start of the week.

The Stoxx 600 index was down 0.32% at the open, with sectors and major exchanges diverging. Tech stocks fell 1.53% while oil and gas rose 0.99%.

Britain’s FTSE index rose 0.1% to 8,290, Germany’s DAX down 1% to 18,146, France’s CAC 40 down 0.55% to 7,663 and Italy’s FTSE MIB down 0.55% to 7,663. 0.15% to 33,788.

Shares of Pool Corp fell 11% after the company revised its full-year profit forecast.

The wholesale distributor of swimming pool supplies said it now expects earnings per share to be between $11.04 and $11.44 for the full year, compared with earlier forecasts of $13.19 to $14.19. That’s also below a FactSet estimate of $13.05.

For the second quarter, the company said it expects EPS to be between $4.85 and $4.95, compared to a FactSet estimate of $5.83.

The company also said its sales were down 6.5% compared to the same period last year.

-Samantha Subin

Stock futures opened little changed Monday evening. Futures tied to the Dow Jones Industrial Average added 25 points, while S&P 500 futures hovered near the flat line. Futures contracts linked to the Nasdaq-100 edged up 0.07%.

-Samantha Subin