### Market Highlights: Nasdaq Reaches New Milestone While Dow Continues Decline
The Nasdaq has extended its gains from last Friday, achieving a new intraday record high during Tuesday's trading session. In contrast, the S&P 500 experienced fluctuating movement along the unchanged line, and the Dow further declined following last week's sharp drop.
Currently, the Nasdaq has climbed 73.91 points, or 0.4%, to 16,994.70. The S&P 500 shows a marginal increase of 0.65 points, or less than a tenth of a percent, settling at 5,305.37. Meanwhile, the Dow has decreased by 157.24 points, representing a 0.4% decline, reaching 38,912.35.
### Nasdaq's Performance Fueled by Nvidia
The continued upward trajectory of the Nasdaq is largely attributed to a significant surge in Nvidia (NVDA) shares, which have risen by 5.3%, marking a new record intraday high. Last week, Nvidia exceeded expectations with its fiscal first-quarter results, offered optimistic guidance, announced a ten-for-one stock split, and raised its quarterly cash dividend by 150% to $0.10 per share.
### Anticipation Ahead of Key Inflation Data
Despite some market advancements, overall trading activity remains relatively subdued as investors await crucial inflation data due later this week. The Commerce Department is set to release its report on personal income and spending for April on Friday, which includes inflation readings closely watched by the Federal Reserve.
This inflation data could play a pivotal role in shaping the outlook for interest rates ahead of the Fed's upcoming monetary policy meeting scheduled for June 11-12. In a recent interview with CNBC, Minneapolis Fed President Neel Kashkari emphasized the need for "many more months of positive inflation data" before considering an interest rate cut. Although Kashkari doesn’t have a vote in this year's Federal Open Market Committee, he also did not dismiss the possibility of raising rates if inflation does not slow down.
### Economic Indicators Show Positive Shift
On the economic front, the Conference Board reported a surprising rise in consumer confidence for May. The consumer confidence index increased to 102.0 from an upwardly revised 97.5 in April, outperforming economists' expectations of a decrease to 95.3.
### Sector Highlights
The technology sector, particularly computer hardware and semiconductor stocks, continues to drive the Nasdaq's growth. The NYSE Arca Computer Hardware Index and the Philadelphia Semiconductor Index both rose by 1.9% and 1.8%, respectively, achieving new intraday records.
Gold stocks also demonstrated significant strength, reflected in the 1.8% gain of the NYSE ARCA Gold Bugs Index, driven by a $20.10 increase in gold prices to $2,354.60 per ounce for June delivery. Additionally, energy stocks are experiencing notable gains amid a sharp rise in crude oil prices. Conversely, pharmaceutical and healthcare stocks have seen declines.
### Global Market and Bond Performance
Internationally, stock markets in the Asia-Pacific region saw modest declines during Tuesday’s trading session. Japan's Nikkei 225 Index slightly decreased by 0.1%, while China's Shanghai Composite Index fell by 0.5%. Major European markets also trended downward, with the French CAC 40 Index dropping 1.0%, the U.K.'s FTSE 100 Index dipping 0.9%, and Germany's DAX Index falling by 0.6%.
In the bond market, treasuries exhibited modest weakness after a flat performance last Friday. Consequently, the yield on the benchmark ten-year note rose by 1.4 basis points, now standing at 4.487%.
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The above summary encapsulates recent trends and movements in the financial markets, keeping the essential details and economic context intact.
