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U.S. stocks close mixed as Nvidia extends growth momentum

NEW YORK, May 28 (Xinhua) -- U.S. stocks ended mixed on Tuesday, as tech Nvidia saw another strong gain.

The Dow Jones Industrial Average fell by 216.73 points, or 0.55 percent, to 38,852.86. The S&P 500 added 1.32 points, or 0.02 percent, to 5,306.04. The Nasdaq Composite Index increased by 99.09 points, or 0.59 percent, to a fresh record high of 17,019.88.

Eight of the 11 primary S&P 500 sectors ended in red, with industrials and health leading the laggards by losing 1.26 percent and 1.25 percent, respectively. Meanwhile, technology and energy led the gainers by rising 1.38 percent and 1.08 percent, respectively.

Consumer sentiment in the United States improved in May, with the Conference Board's Consumer Confidence Index rising to 102.0 from 97.5 in April. The Expectations Index climbed to 74.6 from 68.8 in the same period.

Assessing the findings of the survey, "consumers' assessment of current business conditions was slightly less positive than last month," noted Dana M. Peterson, chief economist at the Conference Board. "However, the strong labor market continued to bolster consumers' overall assessment of the present situation. Views of current labor market conditions improved in May, as fewer respondents said jobs were hard to get, which outweighed a slight decline in the number who said jobs were plentiful."

The benchmark 10-year U.S. Treasury yield climbed back above the crucial 4.5 percent mark following a government auction that saw weak demand, exerting pressure on stocks. Ten-year U.S. Treasury yield stood at 4.542 percent as of 4:15 p.m. EDT.

Additionally, on Tuesday, Minneapolis Federal Reserve President Neel Kashkari stated that he wants to observe "many more months" of data indicating easing inflation before considering rate cuts. He also mentioned that he would not rule out additional rate hikes if inflationary pressures intensify.

"We could see a little bit of choppiness this week" coming off the long weekend, said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. "But overall, I think the market is bullish."

On the corporate front, Nvidia surged after Elon Musk's startup xAI announced it had raised 6 billion U.S. dollars, underscoring the AI investment craze that has propelled the chipmaker to market giant status. GameStop shares skyrocketed 25.16 percent following the videogame retailer's announcement on Friday that it had raised nearly 1 billion dollars from stock sales.