Key Takeaways
- The Nasdaq hit a record high intraday Tuesday, May 28, 2024, boosted by shares of Nvidia and others in the tech sector.
- Nvidia shares continued to rise in the wake of its blockbuster earnings last week and amid reports Elon Musk’s xAI will be using Nvidia products.
- Norwegian Cruise Line shares took off following an upgrade from Mizuho analysts.
U.S. equities were mixed intraday Tuesday as tech stocks rallied, lifting the Nasdaq to an intraday record high. The S&P 500 was up slightly, while the Dow slid.
Nvidia (NVDA) was the best-performing stock in the S&P 500 as the artificial intelligence (AI) chipmaker continued to hit fresh highs following its blockbuster earnings report last week. Tuesday’s gains were also driven by reports Elon Musk’s xAI startup will be using Nvidia products.
Shares of Norwegian Cruise Line (NCLH) jumped on an upgrade and price target hike by Mizuho Securities, which said the company’s cost-cutting efforts and positive industry headwinds could boost results. Shares of another cruise provider, Viking (VIK), reached a record high after JPMorgan, UBS, and Bank of America initiated coverage with upbeat comments about the company’s outlook.
DraftKings (DKNG) shares plunged after the Illinois Senate passed a budget that significantly boosts the tax on sports gambling operations.
Shares of Campbell Soup (CPB) declined as the food maker slashed jobs and shut down a plant to cut costs.
Oil and gold futures were up. The yield on the 10-year Treasury note rose. The U.S. dollar advanced versus the yen, but fell to the euro and pound. Prices for most major cryptocurrencies were lower.
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