New York City, USA – The stock market saw a mixed day on Tuesday, with the Nasdaq Composite hitting a record high while the Dow Jones Industrial Average experienced a decline. The Nasdaq closed up over 0.5%, propelled by the strong performance of Nvidia, which also reached a new record. Meanwhile, the S&P 500 also ended the day in positive territory, albeit with a smaller gain. However, the Dow Jones Industrial Average dropped by 0.55%, weighed down by losses in health-related stocks like Merck.
In other news, T-Mobile announced its plans to acquire a significant portion of U.S. Cellular in a deal valued at $4.4 billion. This move comes after T-Mobile’s previous acquisition of Ka’ena, the parent company of Mint Mobile, for $1.35 billion. Additionally, Ryan Salame of FTX has been sentenced to seven and a half years in prison, following a guilty plea to several charges related to fraudulent activities.
American Airlines lowered its second-quarter outlook, citing an expected decrease in unit revenues compared to the previous year. The airline also revised its adjusted earnings estimate downwards, signaling a challenging period ahead. As a result, the company is parting ways with its chief commercial officer, adding to the changes in its leadership team.
Meanwhile, GameStop shares surged during Tuesday’s trading session after the company disclosed that it generated nearly $1 billion from selling 45 million common shares. The meme stock closed more than 25% higher, continuing its upward trend for the month. This positive performance comes after “Roaring Kitty,” a key figure in GameStop’s 2021 short squeeze, resurfaced online, fueling investor interest in the stock.