CNBC Daily Open: The economy and inflation might stay strong
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Dow breaks 43,000 level
On Monday, the S&P 500 advanced 0.77% and the Dow Jones Industrial Average climbed 0.47%. Both indexes closed at fresh highs, with the Dow closing above 43,000 for the first time. The Nasdaq Composite rose 0.87%. Asia-Pacific stocks were mostly higher Tuesday. Japan's Nikkei 225 increased around 1%, and hit its highest intraday level in three months earlier in the day.
Nvidia's numbers aren't a hallucination
Nvidia shares rose 2.4% to close at $138.07, a new record for the stock. The artificial intelligence chipmaker's previous high was $135.58, which it hit on June 18. Buoyed by Nvidia's rally, Asian chip stocks rose Tuesday. Shares of SK Hynix, Taiwan Semiconductor Manufacturing Company and Foxconn all increased at least 2%.
Tread with caution
The U.S. Federal Reserve might slow down its pace and the size of interest rate cuts at its upcoming meetings, suggested Fed Governor Christopher Waller on Monday. Data on employment, inflation and economic growth have signaled that the "economy may not be slowing as much as desired," Waller said.
Fasten your seatbelts
The strike by Boeing workers is now in its second month. It has already cost Boeing more than $1 billion, according to estimations by S&P Global, and negotiations are still at an impasse. On Friday afternoon, CEO Kelly Ortberg announced Boeing will cut 17,000 jobs, and will not deliver its wide-body 777X plane until 2026 — six years behind schedule.
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