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US Stocks Waver, Nvidia Lifts Chipmaker Boats, GameStop Spikes, Moderna Tumbles: What's Driving Markets Tuesday?

Wall Street resumed trading after the Memorial Day holiday with a familiar trend, as major chipmaker stocks significantly outperformed the broader market. Nvidia Corp. (NASDAQ:NVDA) shares surged over 6% to $1,128, reaching new all-time highs. Elon Musk's xAI plans to build a supercomputer powered by Nvidia chips fueled the positive momentum. Arm Holdings plc (NASDAQ:ARM) increased nearly 10% following a bullish note from Rosenblatt. The chipmaker industry, as tracked by the iShares Semiconductor ETF (NASDAQ:SOXX), rose 1.9%, hitting new record highs. Since late October 2023, semiconductor stocks have increased by 68%, doubling the performance of the Nasdaq 100. Lackluster Midday Session, Major Indices The S&P 500 and the broader tech sector showed a flat and 0.1% performance, respectively. Blue-chip stocks tracked by the Dow Jones fell 0.5%, while small caps inched up by 0.3%. Treasury yields rose on the long end of the curve, with the 30-year yield up 5 basis points to 4.62%, causing the iShares ...