U.S. stock indexes closed higher on Tuesday, helped by gains in Nvidia and other chipmakers, as investors awaited possible negotiations between the United States and its trading partners for more clarity on Washington's tariff plans.

Market Snapshot

The Dow Jones Industrial Average rose 214.16 points, or 0.51%, to 42,519.64, the S&P 500 gained 34.43 points, or 0.58%, to 5,970.37 and the Nasdaq Composite gained 156.34 points, or 0.81%, to 19,398.96.

Market Movers

CoreWeave - CoreWeave stock popped 25.2% to an all-time high on Tuesday. A cloud computing software services provider, Nvidia-backed CoreWeave on Monday signed a long-term data center leasing deal with Applied Digital.

Nvidia - Shares of Nvidia were up 2.8%. The leading maker of artificial-intelligence chips closed Monday with a gain of 1.7%. Analysts at Jefferies added the company to itslist of Franchise Picks. Analyst Blayne Curtis expects the ramp of Nvidia’s Blackwell AI chips to drive the company’s gross margin to somewhere between 70% and 80% this year, up from 61% as of the end of the chip maker’s fiscal first quarter. Nvidia overtook Microsoft as the largest U.S. company by market cap, according to Dow Jones Market Data.

TSMC - TSMC, the world’s largest contract chip maker,faces limited impact from tariffs, according to CEO C.C. Wei, who reaffirmed that AI demand remained strong. At an annual shareholders’ meeting Tuesday, the chief executive said tariffs are typically borne by importers and won’t directly affect the company. U.S.-listed shares were up 1.4%.

Tesla - Tesla rose 0.5% after closing Monday’s session down 1.1% to kick off a significant month for the electric-vehicle maker. Elon Musk’s company is expected to launch anartificial-intelligence-trained driverless taxi servicein just a few days. Reports have said the launch has been scheduled for June 12.

NIO - Chinese EV maker NIO reported awider-than-expected first-quarter lossof 45 cents a share and revenue that missed analysts’ estimates. The auto maker delivered 42,094 vehicles in the quarter, up from 30,053 a year earlier. American depositary receipts rose 0.3% after declining earlier in the session.

Ferguson Plc. - Ferguson Enterprises surged 17.2%. The distributor of plumbing and heating supplies raised its fiscal-year outlook after posting fiscal third-quarter sales of $7.62 billion, up 4.3% from a year earlier and better than Wall Street estimates of $7.42 billion.

Constellation Energy - Constellation Energy fell 0.1% after rising earlier in the session. The company announced a deal with Meta. Under the terms of the agreement, Meta will buy around 1.1 gigawatts of power from Constellation’s Clinton Clean Energy Center starting in June 2027. The Illinois-based plant was in danger of closing as its zero-emission credit was set to expire that same year. Meta stock slipped 0.6%.

Credo Technology - Credo Technology, the provider of high-speed connectivity solutions for data centers, reported fiscal fourth-quarter earnings and revenue that were better than analysts’ estimates. The company said it expects first-quarter revenue of $185 million to $195 million, higher than consensus of $162.4 million. The stock gained 14.8%. 

MoonLake Immunotherapeutics - MoonLake Immunotherapeutics soared 18% after the Financial Times reported Merck has held talks over anacquisition of more than $3 billionfor the Swiss biotechnology company. Merck submitted a nonbinding offer for MoonLake earlier this year, the Financial Tines reported, citing three people familiar with the matter. The initial approach was rejected but talks could be revived, the people added.

Dollar General - Dollar General rose 15.9% after first-quarter earnings beat analysts’ estimates and the discount retailer raised its forecasts for fiscal-year same-store sales growth.

Hims & Hers Health - Hims & Hers Health fell 3.6% after trading sharply higher earlier Tuesday. The telehealth-consultation servicereached an agreement to buy Zava, a digital health platform based in Europe. The company said the deal would expand its “footprint in the United Kingdom and will officially launch the company into Germany, France, and Ireland, with more markets anticipated soon.”

Navitas Semiconductor - Navitas Semiconductor rose 7.6%. The companyunveiled a partnership with BrightLoop, a French power electronics company, and was featured at Baird’s annual Consumer, Technology & Services Conference. Navitas, which has a market capitalization of just over $1 billion, saw its largest same-day percentage gain last month after it was selected as a collaborator on Nvidia’s800 V HVDC architecture.

Market News

Trump Signs Order Hiking Steel, Aluminum Tariffs to 50%

President Donald Trump signed a directive on Tuesday raising steel and aluminum tariffs to 50% from 25% starting on June 4, following through on a pledge to boost import taxes to help domestic manufacturers.

Trump cast the move, which takes effect at 12:01 a.m. Wednesday as necessary to protect national security.

The order said the previous charge had “not yet enabled” domestic industries “to develop and maintain the rates of capacity production utilization that are necessary for the industries’ sustained health and for projected national defense needs.”

South Korea Elects Lee President, Capping Six Months of Chaos

South Korea’s opposition candidate Lee Jae-myung was elected president in a race that was largely a verdict on ousted leader Yoon Suk Yeol’s botched attempt to revive martial law after decades of democratic rule.

Lee, a left-leaning former labor activist, won 49.4% of the vote while People Power Party’s candidate Kim Moon-soo secured 41.2%, according the final count released by the National Election Commission, a narrower margin than indicated by an earlier exit poll. The NEC declared Lee as South Korea’s 21st president and said his term began at 6:21 a.m. Wednesday Seoul time. Lee will take oath as president in parliament at 11 a.m., Yonhap News reported.

The outcome of the vote is expected to mark a turning point for South Korea after six-months of chaos following the debacle of the martial law, a clumsy sledgehammer-like move that shocked the world, spooked markets and triggered the nation’s worst constitutional crisis in decades. Voter turnout reached a 28-year high of 79.4%, the NEC data showed.