Global stock indexes climb as AI chip firm Nvidia rebounds in US trading

Euronext Dublin outperformed international peers as it finished the day up 79 basis points, boosted by Ryanair and AIB

US markets rose, buoyed by a rebound from Nvidia.

Global stock indexes were mostly higher on Tuesday, with shares of AI chip firm Nvidia bouncing in early US trading.


Euronext Dublin outperformed international peers as it finished the day up 79 basis points, boosted by investors in Ryanair and AIB.

Ryanair climbed 2 per cent as it continued its recent recovery from a rocky spell. “There is definitely a sense that it is rebounding from recent lows,” one trader noted. “It had a bad run there for some time.”

The other big performer was AIB, which was up 1.5 per cent at the close. The current plan for the Government to keep reducing its stake in the bank is set to expire next month.


The other big player to boost the index was insulation specialist Kingspan, which was up 1.3 per cent after trading finished.

Elsewhere, ferry company Irish Continental Group rose 1.8 per cent. Among the food names, Kerry Group was flat on the day, while Glanbia closed down 1 per cent.


The FTSE 100 fell 34 points as weakness across some industrial and retail stocks pushed the index into the red.

Burberry, Marks & Spencer and Melrose were in the top 10 fallers. Melrose shares fell after plane making giant Airbus, a key client, announced a profit warning, citing a shortage of plane parts for pushing expected deliveries down.

Commercial property giant Land Securities said it has taken control of Kent’s Bluewater shopping centre, after striking a £120 million (€140 million) deal to increase its stake.

The FTSE 100 firm told shareholders on Tuesday it has acquired a further 17.5 per cent stake in Bluewater from Singapore’s GIC. The move has increased its ownership of the retail destination near Dartford to 66.25 per cent.

Shares rose in early trading, before falling back to finish the day 0.6 per cent down.


The pan-European Stoxx 600 index lost 0.44 per cent, while the MSCI’s gauge of stocks across the globe gained 0.13 per cent.

Meanwhile, France’s Cac 40 finished 0.6 per cent down, while Germany’s Dax fell 0.9 per cent.

Germany’s 10-year yield dropped and the now closely watched spread between German and French bonds tightened a fraction as traders awaited economic and political developments later in the week.

New York

The tech-heavy Nasdaq jumped over 1 per cent, buoyed by strength in Nvidia and other megacaps, while the Dow slipped as investors awaited a crucial inflation print this week for further cues on the US monetary policy path.

Nvidia soared 6 per cent, recovering some of the steep losses it had notched in three consecutive declining sessions. At current levels, the stock is still 12 per cent away from last week’s record high.

Arm Holdings, Broadcom and Applied Materials also gained 2.4 per cent, helping the Philadelphia SE semiconductor index rise 1.4 per cent after its recent slide.

Megacaps including Alphabet and Meta Platforms rose 2 per cent each, helping the S&P 500 communication services index gain 1.3 per cent. Technology led sectoral gains, up 1.5 per cent, recovering from a three-day slide.

Technology and other growth stocks have driven the S&P 500 and the Nasdaq to record highs this year, but the continued underperformance in the value-tilted Dow has raised some concerns over the sustainability of equity strength.

By lunchtime in New York, the Dow Jones Industrial Average was down 0.74 per cent; the S&P 500 was up 0.32 per cent; and the Nasdaq Composite was up 1.21 per cent.

Spirit AeroSystems slumped 5.3 per cent. A report showed Boeing has offered to acquire the aeroplane fuselage maker in a deal funded mostly by stock that values its key supplier at about $35 per share. Boeing dropped 3 per cent.

Cruise operator Carnival Corp gained 7.4 per cent after raising its annual profit forecast for the second time this year. – Additional reporting: Agencies

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter