What a turnaround: Wall Street is apparently back on track, and the Nasdaq is up +1.3%.
But this is clearly not a broad-based recovery (the Dow Jones is down -0.75%), as once again, it's 'Nvidia that did it all'.

Stock market giant Nvidia jumped nearly 6.8% on Tuesday (to $126), wiping out half its losses of the past week in one fell swoop: the stock added nearly $200 billion to its capitalization, emerging from a three-session slump that had wiped out some $430 billion since last Tuesday.

Clearly, a single stock does not make a trend... and if you remove Nvidia and Tesla (+5.25%), the S&P500 (+0.39%) ends in the red, as does the advance/decline ratio, which was negative on Tuesday.

Ditto for the Nasdaq Composite, which is far from having seen the bulls prevail: Sirius is down -7.8%, Dexcom -5.3%, Marvell -5.1%, Broadcom ($740 billion in 'capi') falls -4.6%, Microchip loses -1.3%.... as did the 'SOXX' with -1.2%.
The S&P500 was also supported by cruise lines, which soared by an average of +5% (Carnival jumped +8.7%, Norwegian +5.1%).
But it's the Nasdaq that holds the nugget of the day, with Rivian soaring +63% (+8.6% in session, +54.4% in after-hours) as Volkswagen invests $1 billion in the company (sounds like a 'Gamestop' score).

The Dow Jones' -0.76% fall shows that, with the exception of a few remarkable cases, risk-taking remained limited on Wall Street in view of the Biden/Trump debate on Thursday evening and the release, scheduled for Friday, of the PCE price index, a measure of inflation particularly closely watched by the Fed.

On the stats front, US consumer confidence worsened in June, (-0.9% to 100.4) but slightly less than expected (consensus 100), according to the index of the Conference Board employers' organization published on Tuesday.

The sub-index of consumer sentiment on the present situation rose to 141.5 from 140.8 the previous month, but that on the future situation fell to 73 from 74.9 in May.

According to the ConfBoard, the strength of the labor market is offsetting household concerns about the future for the time being.

T-Bonds finished virtually unchanged at 4.25%... and it's been 6 days since the US bond market seemed frozen.

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