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US stock indices edged higher on Tuesday as most megacap stocks and chipmakers jumped on optimism over three interest rate cuts this year.
At 09:33 a.m. ET, the Dow Jones Industrial Average was up 70.78 points, or 0.18 per cent, at 39,384.42, the S&P 500 was up 15.22 points, or 0.29 per cent, at 5,233.41, and the Nasdaq Composite was up 73.22 points, or 0.45 per cent, at 16,457.68.
At the opening bell, the Dow Jones Industrial Average rose 24.68 points, or 0.06 per cent, to 39,338.32. The S&P 500 opened higher by 10.66 points, or 0.20 per cent, at 5,228.85, while the Nasdaq Composite gained 62.38 points, or 0.38 per cent, to 16,446.85.
Shares of Tesla climbed 5.7 per cent, Micron Technology jumped 2.5 per cent, Nvidia added 0.9 per cent. Microsoft rose 0.4 per cent, and Meta Platforms gained 1 per cent.
Trump Media & Technology Group soared 43.1 per cent on the first day of trading under its new ticker DJT – the initials of former US president Donald Trump.
A report showed US durable goods orders rebounded slightly in February.
The crucial Personal Consumption Expenditures (PCE) price index data for February is due this week.
The yield on the 10-year Treasury ticked up to 4.26 per cent from 4.25 per cent late on Monday. The 2-year yield slipped to 4.61 per cent from 4.63 per cent .
In Europe, Britain’s FTSE 100 edged up 0.1 per cent at 7,927.78. France’s CAC 40 added 0.2 per cent at 8,168.12. Germany’s DAX gained 0.6 per cent at 18,378.13.
Euro Stoxx 50 rose 0.4 per cent at 5,062.29.
In Asian stock markets, Hong Kong’s Hang Seng Index surged 0.9 per cent at 16,618.32. China’s Shanghai Composite rose 0.2 per cent at 3,031.48.
Japan’s Nikkei 225 ended flat at 40,398.03.
Crude oil prices were mixed on Tuesday. Brent crude futures due to expire on Thursday were 11 cents down at $86.64 a barrel by 1415 GMT while US West Texas Intermediate (WTI) crude futures was up 6 cents at $82.01.
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Published: 26 Mar 2024, 07:36 PM IST
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