On Tuesday, the Nasdaq closed above 17,000 for the first time, driven by a 7% surge in Nvidia, which now has a market value over $2.5 trillion due to strong AI demand. The Nasdaq rose 0.6%, the S&P 500 edged up 0.1%, while the Dow Jones fell 0.6%.
Apple's stock was flat despite a 52% increase in iPhone shipments in China. U.S. Cellular soared 12% after selling wireless assets to T-Mobile for $4.4 billion. DraftKings and Flutter Entertainment fell sharply after an Illinois sports-betting tax hike. GameStop jumped 25% after raising $933 million from a share offering.
Treasury yields rose as consumer confidence increased in May, leading traders to reduce expectations for a Federal Reserve rate cut in September. Key economic data, including the PCE price index and Fed's Beige Book, are due later this week.
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