By Caroline Valetkevitch
NEW YORK (Reuters) -Global stock indexes were mostly higher on Tuesday, with shares of Nvidia (NASDAQ:) bouncing in early U.S. trading, while the dollar edged up slightly against the the Japanese yen.
Nvidia shares were up more than 2% after selling off in recent sessions. The and Nasdaq were also higher in early trading.
Excitement over artificial intelligence has powered stocks like Nvidia higher and helped to lift the U.S. stock market to recent record highs, but it remains to be seen whether that will continue, or for how long.
The chipmaker had rocketed higher to briefly become the world’s biggest company last week, but tumbled around 16 percent from last Thursday’s peak to this Monday’s close.
“The question investors now need to ask is if the sell-off has gone far enough since the stock (Nvidia) is in correction territory, or if this is a structural shift lower that will weigh on the major U.S. indices and allow other regions and indices to play catch up,” said Kathleen Brooks, research director at XTB.
Investors are also gearing up for data on the personal consumption expenditures price index on Friday for further clues on the inflation picutre and when the Federal Reserve might begin cutting interest rates.
They also await snap elections in France starting at the weekend and the first U.S. Presidential debate on Thursday.
The fell 82.82 points, or 0.21%, to 39,328.39, the S&P 500 gained 8.99 points, or 0.17%, to 5,456.86 and the added 72.99 points, or 0.42%, to 17,569.81.
The pan-European index lost 0.44% and MSCI’s gauge of stocks across the globe gained 0.13%.
The yen was keeping traders alert for any signs of further intervention from Japanese authorities to prop up the currency as it traded just above a two-month low of around 160 to the dollar.
It hit a record low against the euro of 171.49 on Monday as pressure on the currency mounted thanks to interest rates in Japan that remain far lower than in the United States and Europe.
The dollar was last up 0.06% at 159.68 yen, holding to a tight range.
The rose 0.114%, with the euro down 0.21% to $1.0709.
In Treasuries, benchmark 10-year notes were up 0.2 basis points to 4.250%, from 4.248% late on Monday.
recently fell 0.21% to $81.46 per barrel and was at $85.84, down 0.2% on the day.