The S&P 500 rose Tuesday, boosted by gains in Nvidia, as traders pored through the latest U.S. inflation data.
The broad market index climbed 0.5%, while the Nasdaq Composite advanced 0.8%. The Dow Jones Industrial Average hovered right around the flatline.
The consumer price index in June increased 0.3% on the month, putting the annual inflation rate at 2.7%, matching a consensus poll from Dow Jones. So-called core CPI, which excludes food and energy prices, grew 0.2% month over month, slightly less than expected. Year over year, it expanded by 2.9%, matching estimates.
Nvidia plans to resume sales of its H20 AI chip to China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance.
Nvidia shares jumped 4% in morning trading.
AMD said that it plans to restart shipments of its MI308 chips to China after the US said it would approve the sales, following a similar decision on an Nvidia semiconductor. AMD shares jumped 5% in morning trading.
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