Markets closed modestly higher on Tuesday as investors continued to price in a Federal Reserve that is in no rush to cut — or raise — rates anytime soon. The S&P 500 added 0.4%, the Nasdaq outperformed with a 0.6% gain, and the Dow ticked up 0.3%, all supported by steady economic data that painted a picture of resilience without alarm.
Nvidia was the standout story of the session, rallying 3.1% after reports surfaced that a large sovereign wealth fund had taken a meaningful new position in the chipmaker. That kind of institutional vote of confidence sent a ripple through the broader semiconductor space, lifting AMD and Broadcom in sympathy.
On the downside, CVS Health fell 3.8% after quietly trimming its full-year earnings outlook in an investor update. The company cited ongoing margin compression in its pharmacy segment, a problem that has dogged the stock for several quarters. Healthcare broadly underperformed as a result.
Gold remained elevated near $3,185 an ounce, reflecting lingering geopolitical uncertainty, while oil held around $74 a barrel. The VIX sat at 17.4 — calm but not complacent — suggesting traders are watchful heading into the back half of June.