Nvidia Did the Heavy Lifting for the Major Market Indexes Today

Major U.S. stock indexes moved in a tight range midday as investors mostly shrugged at macro signals. As of 12:55 p.m. ET, the Dow Jones Industrial Average was up 0.4%, the S&P 500 added 0.5%, and the Nasdaq Composite rose 0.4%. After opening lower, the Dow briefly spiked around 11 a.m. The day’s gains were largely driven by Nvidia, which jumped 3.8% to $225.67—worth about a 0.38% lift to the Nasdaq. No other stock moved enough to add 0.1%. Excluding Nvidia and Meta, the Nasdaq would be down, and the S&P 500 up by only 0.12%. Treasury yields rose as Fed-watchers digested President John Williams’ comments ahead of September’s rate decision. Gold rose 1% while the iShares Bitcoin Trust slipped 0.1%, and oil edged up 0.2% amid ongoing Strait of Hormuz strikes.