Chipmaker, Cruise Lines, Crypto Rally, Nvidia Recovers $3 Trillion; Blue chip and small cap collapse: what will drive markets on Tuesday?

Technology stocks are poised to snap a three-day losing streak on Tuesday, led by a robust rally in chipmakers, with Nvidia Corp. NVDA up over 4% and recovering its valuation of $3 trillion.

THE VanEck Semiconductor ETF The SMH rose 1.8% after losing more than 7% in the last three sessions, indicating a revival in risk appetite towards AI-related stocks.

The tech-heavy Nasdaq 100 advanced nearly 1%, outperforming other major indexes.

Sentiment remains weak in non-tech sectors. The S&P 500 rose just 0.1%, while the Dow Jones Industrial Average and Russell 2000 fell 0.9% and 0.6%, respectively.

Treasury yields saw slight increases following the hawkish comments by the Fed Michelle Bowmann, which did not rule out further rate increases if the improvements in inflation stopped. THE iShares 20+ year Treasury bond ETF The TLT fell 0.2%, while the trade-weighted indicator of the US dollar gained 0.2%.

Raw materials especially fell, with gold and crude oil falling by 0.5% and 1% respectively. Copper fell 1% and silver fell 2.2%.

Cryptocurrencies were the brightest spot in the market, rebounding after several days of losses. Bitcoin BTC/USD rose 2.3%, aiming for its strongest day in three weeks. The most speculative Dogemoneta DOGE/USD rose nearly 7%, on track to post its best performance in over a month.

Tuesday’s performance of major US indices and ETFs

Updated at 12:30 pm ET

Second Benzinga Pro data:

• THE SPDR S&P 500 ETF Trust Fund SPY rose 0.1% to $543.11.
• THE SPDR Dow Jones Industrial Average DIA was 1% lower at $390.11.
• Those with high technological content Invesco QQQ Fund (ARK: QQQ) rose 0.8% to $477.71.
• From a sectoral point of view, the Technology Select the sector SPDR Fund XLK outperformed, up 1.4%, while the Selected Real Estate Sector SPDR Fund XLRE lagged, falling 1.7%.

Tuesday’s stock movements

• Carnival Corp. CCL led gains within the S&P 500, jumping more than 8% on better-than-expected earnings and marking its fifth straight positive session. This push lifted the peers Royal Caribbean Cruises Ltd. RCL e Norwegian Cruise Line Holdings Ltd. NCLH by 3.6% and 5.8% respectively.
• Online travel agencies also reported gains, with Expedia Inc. Group EXPAirbnb Inc. ABNB e Reservation Holdings Inc. BKNG up 1.8%, 1.6% and 0.6% respectively.
• Cryptocurrency-related stocks have rallied in reaction to Bitcoin’s rebound. Marathon Digital Holdings Inc. MARA e Coinbase Global Inc. COIN grew by 3.6% and 4.3% respectively.
• Arm Holdings plc ARM jumped 5% after Guggenheim raised its price target on the chipmaker from $110 to $169.
• TD Synnex Corp. SNX fell nearly 9% after missing both earnings and revenue estimates last quarter.
• SolarEdge Technologies Inc. SEDG fell more than 20% after some analysts reacted negatively to the company’s announcement of a private offering of $300 million in convertible notes.

Read now: US election and tariff prospects are set to threaten internationally exposed stocks, Goldman Sachs warns

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