The S&P 500 hit a new all-time high in today’s meeting Wall Street, as the “favorite child” of artificial intelligence Nvidia continues its rise in the race to new heights, with its capitalization surpassing Microsoft and emerging as the most valuable company on the planet.
The S&P 500 gained 0.25% to close at 5,487.03 points, its 31st record high this year, very close to the 5,500-point barrier, while the Nasdaq ended at 17,862.23 points with a slight increase of 0.03%. THE Dow Jones increased by 56.76 points or 0.15% to 38,834.86.
THE Nvidia strengthened by 3.5% of its capital at 3.329 trillion. dollars, more than Microsoft, which stands at 3.321 trillion. dollars. The reason for this is the recommendation of the analyst at Rosenblatt Securities who changed the target for Nvidia’s share price to 200 from 140 dollars. It also surpassed Apple’s market capitalization at the beginning of the month. The chipmaker’s stock has rallied 174% since the start of the year as enthusiasm for artificial intelligence shows no sign of abating.
Qualcomm and Taiwan Semiconductor stocks shed 2.2% and 1.4% respectively. Micron Technology gained 3.8%, with the tech sector also finding support as yields on US 10-year Treasuries fell to 4.21%, after weaker-than-expected retail sales data brought back on expectations of a rate cut by the Federal Reserve.
“Without consumer support, the bull market will stop, so investors should see more consumer spending and a slowdown in the economy,” said Chris Zaccarelli, chief investment officer of the Independent Investors Association. .
Separately, BofA research shows that international investors will continue to pour money into stock markets. 32% of fund managers show a preference for US stocks, while 19% prefer international stocks and 25% prefer government bonds.