Live Nasdaq Composite: Tech Bulls Lose Their Grip in a Seesaw Session

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Fed Speaking Rounds

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Cleveland Fed President Beth Hammack added a hawkish note to Tuesday’s tape, suggesting that current monetary policy may not be restrictive enough to bring inflation back down to the Fed’s 2% target. Speaking at the City Club of Cleveland, Hammack warned that waiting for proof that inflation has become entrenched in the economy could force the central bank into larger and more costly adjustments down the road.

This article will be updated throughout the day, so check back often for more daily updates. 

The Nasdaq Composite slipped 0.3% Tuesday as a rally that had driven stocks to a series of all-time highs took a pause, with traders pulling back to weigh the competing forces of AI-fueled euphoria and a Middle East ceasefire that remains anything but settled. The session had no shortage of catalysts pulling in opposite directions, from a landmark Alphabet stock offering that rattled sentiment to an Nvidia-led tech advance that kept the losses from getting out of hand.

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) was the session’s biggest drag, falling more than 4% after the company announced plans to raise $80 billion through stock sales to fund its AI buildout, including a $10 billion investment from Berkshire Hathaway. The market’s reaction was pointed, and Vital Knowledge’s Adam Crisafulli captured the sentiment, reportedly saying, “If the greatest business model in the history of capitalism can’t fund AI from its own internal operations, then who possibly can?”

Nvidia (NASDAQ:NVDA) helped keep the damage contained, climbing 1% and providing a partial offset to Alphabet’s slide. Hewlett Packard Enterprise (NYSE:HPE) was the session’s standout, surging 23% after issuing a stronger-than-expected outlook for the current quarter and raising its full-year guidance well above Street estimates. The print marked HPE’s biggest earnings beat since 2018, a result that injected a dose of optimism into the enterprise tech trade at a time when the broader tape needed it.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 50,921 Down 0.31%
Nasdaq Composite: 27,088 Flat
S&P 500: 7,591 Down 0.08%

Market Movers

Marvell Technology (NASDAQ:MRVL) is surging more than 20% in premarket trading Tuesday after Nvidia (Nasdaq: NVDA) CEO Jensen Huang put the chipmaker in rare company during his Computex keynote, declaring Marvell will be the next trillion-dollar company. MRVL stock is soaring by 23.7% today.

Joby Aviation (NYSE:JOBY) is expanding its California footprint, acquiring a 47,500 square-foot facility near Hollister Municipal Airport in San Benito County, adding to existing operations in Santa Cruz, Marina, and San Carlos. The new site is designed to accelerate Joby’s flight testing program as the company pushes through the final phase of FAA Type Certification for its electric air taxi,

South Korean semiconductor company SK Hynix is planning to double its memory chip production capacity over the next five years, according to Bloomberg, a move aimed at addressing a global memory shortage that has been tightening supply and driving prices higher across the sector.