U.S. stocks rose on Thursday, driven by Nvidia’s continued success in the technology sector. The dollar also saw gains, trading up in early morning hours. Nvidia, now the world’s most valuable company, has benefited from the growing interest in artificial intelligence applications, with a market capitalization of $3.34 trillion. This has surpassed tech giants like Microsoft and Apple. Nvidia’s shares were up 2.5% on Thursday, adding to its remarkable 174% gain so far this year.
Other notable movements in the stock market include Accenture’s 7% rise after forecasting revenue growth above estimates, and Trump Media & Technology Group’s 9% decline due to a ruling by the U.S. Securities and Exchange Commission. Winnebago saw a 2.5% drop in shares after disappointing fiscal third-quarter earnings.
Economic data released indicated a slowdown in the economy, with home construction dropping in May. Federal Reserve officials have expressed caution about rate cuts, seeking more evidence of inflation control before easing monetary policy. The president of the Minneapolis Federal Reserve warned that it could take up to two years to bring U.S. inflation back to the target.
Crude oil prices rose on Thursday, ahead of US inventory data release. WTI futures were trading up, with official figures showing a rise in U.S. crude stocks in the previous week, indicating weakening demand during the summer driving season. Official inventory data was scheduled to be published later on Thursday.
Overall, the stock market saw positive movements driven by Nvidia’s success, while economic data and crude oil prices presented some concerns. Traders and investors continue to monitor market developments and economic indicators for signs of future trends.
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