Market Rally: Nvidia and Eli Lilly Propel S&P 500 Amid Fed Turmoil
The S&P 500 rose on Tuesday, driven by Nvidia and Eli Lilly, despite concerns over Federal Reserve independence due to President Trump's firing of a central bank governor. Nvidia's upcoming report and interest rate speculations are focal points, as traders anticipate possible monetary policy changes.
The S&P 500 closed higher on Tuesday, buoyed by tech giant Nvidia and pharmaceutical leader Eli Lilly. Nvidia's stock climbed 1.1% as investors anticipated its quarterly earnings amid U.S.-China trade tensions. Meanwhile, Eli Lilly surged nearly 6% following promising results for its new diabetes treatment.
Simultaneously, political tensions rose as President Donald Trump dismissed Federal Reserve Governor Lisa Cook, sparking debates about the institution's autonomy. Investors remain optimistic about a potential interest rate cut in September, despite ongoing inflation concerns.
On the stock exchange, the Nasdaq advanced 0.44% and the Dow rose 0.30%. In a standout acquisition, AT&T secured wireless spectrum licenses from EchoStar, propelling its stock to new heights. The market saw 21 new highs on the S&P 500 and a strong volume of trades throughout the session.
(With inputs from agencies.)
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