Dow Gives Up Gains to End Flat - Tech Higher

The Dow loses steam in late-day trading to finish little changed. Tech advances, led by Tesla. Apple also gives up gains and finishes flat.
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The Dow Jones Industrial Average gave up gains and finished flat Tuesday, while tech advanced, led by Tesla  (TSLA) - Get Report.

The Dow finished up 2 points, or 0.01%, to 27,995, the S&P 500 gained 0.52%, rising for a third day, and the Nasdaq was up 1.21%.

Electric-vehicle producer Tesla jumped 7.2% to $449.76. Apple  (AAPL) - Get Report shares gave up gains to finish little changed at $115.54.

Within the Dow, Caterpillar  (CAT) - Get Report and JPMorgan Chase  (JPM) - Get Report each finished 3% lower and Travelers  (TRV) - Get Report gave up 2%.

Stocks on Monday had finished broadly higher after several big corporate deals lifted investor sentiment. 

“Wall Street appears to have recovered some of its mojo,” said Mizuho Bank in a report. “The question to ask, though, is whether we are dealing with optimism or there is just optimism about deals.”

Apple's  (AAPL) - Get Report Time Flies event kicked off Tuesday with the focus on hardware, but not a new iPhone.

The tech giant's all-virtual showcase, which was open to the public, is expected to precede another iPhone unveiling later in the fall.

Nvidia  (NVDA) - Get Report ended up nearly 1% to $519.64, after agreeing to acquire U.K. chip designer Arm Holdings from SoftBank.

Nvidia Share-Price Target at Needham Is Wall Street High

China's official statistics office said Tuesday that industrial production in the world's second-largest economy surged 5.6% in August. That's the strongest reading of the country's most important sector since the global coronavirus pandemic began there in early January. Retail sales in China in August rose for the first time this year.

Stocks in Shanghai had closed Tuesday with a gain of 0.51%.

The Federal Reserve on Tuesday began a two-day meeting, with a decision on interest rates expected Wednesday afternoon. The central bank is expected to hold rates near zero and affirm its new, more relaxed stance on inflation.