Stocks mostly rise with Nvidia; dollar inches up vs yen
S&P 500, Nasdaq higher in afternoon trading
U.S. dollar index edges up, dollar up vs yen
Nvidia shares bounce after recent losses
Updates to 2:15 p.m. ET
By Caroline Valetkevitch
NEW YORK, June 25 (Reuters) -Global stock indexes mostly climbed on Tuesday, with shares of chipmaker Nvidiabouncing after recent losses,while the dollar gainedslightly against the Japanese yen.
Nvidia's stock NVDA.O was up more than 5% in afternoon U.S. trading. The Nasdaq was more than 1% higher, and the S&P 500 technology .SPLRCT and communication services .SPLRCL sectors were the only two positive sectors on the day.
Excitement over artificial intelligence has powered stocks like Nvidia higher and helped to lift the U.S. stock market to recent record highs, but it remains to be seen whether that will continue, or for how long.
The chipmaker had rocketed higher to briefly become the world's biggest company last week, but tumbled around 16 percent from last Thursday's peak to this Monday's close.
"It's another day of fairly narrow equity markets," said Chad Oviatt, director of investment management at The Huntington National Bank in Akron, Ohio.
"The Mag 7 seem to be pushing things... and that's been a theme all year," he said, referring to the Magnificent 7 group of tech-related stocks, which include Nvidia. "A lot of market participants are just waiting for some additional broadening out" of the market.
Investors are also gearing up for data on the personal consumption expenditures price index on Friday, which could provide further clues on the inflation picture and when the Federal Reserve might begin cutting interest rates.
They also await snap elections in France starting at the weekend andthe first U.S. Presidential debate on Thursday.
The Dow Jones Industrial Average .DJI fell 312.71 points, or 0.79%, to 39,098.50, the S&P 500 .SPX gained 14.85 points, or 0.27%, to 5,462.72 and the Nasdaq Composite .IXIC gained 197.54 points, or 1.13%, to 17,694.36.
MSCI's gauge of stocks across the globe .MIWD00000PUS rose 1.90 points, or 0.24%, to 803.18. The STOXX 600 .STOXX index fell 0.23%.
The U.S. dollar rose, bolstered in part by hawkish comments from a Fed official.
Fed Governor Michelle Bowman repeated her view on Tuesday that holding the policy rate steady "for some time" will likely be enough to bring inflation under control. She also reiterated her willingness to raise borrowing costs if needed.
The yen JPY=EBS was keeping traders alert for any signs of further intervention from Japanese authorities to prop up the currency as it traded just above a two-month low of around 160 to the dollar.
It hit a record low against the euro EURJPY=R of 171.49 on Monday as pressure on the currency mounted thanks to interest rates in Japan that remain far lower than in the United States and Europe.
Against the Japanese yen JPY=EBS, the dollar strengthened 0.08% at 159.71.
The dollar index =USD, which measures the greenback against a basket of currencies, gained 0.1% at 105.62, with the euro EUR= down 0.18% at $1.0713.
In Treasuries, the yield on benchmark U.S. 10-year notes US10YT=RR fell 0.6 basis points to 4.242%, from 4.248% late on Monday.
U.S. crude CLc1 lost 0.7% to $81.06 a barrel and Brent LCOc1 fell to $85.24 per barrel, down 0.9% on the day.
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
Nvidia slides from record high but remains up 140% this year https://reut.rs/4eFvYwe
Reporting by Caroline Valetkevitch; additional reporting by Harry Robertson in London and Stella Qiu in Sydney; Editing by Peter Graff and Nick Zieminski
To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA
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