Wall Street reached record highs as the frenzy surrounding artificial intelligence technology continued to boost stocks, with NVIDIA leading the way. The S&P 500 and Nasdaq hit all-time highs, fueled by strong earnings reports from technology companies such as Hewlett Packard. NVIDIA’s market value surpassed $3 trillion for the first time as their chips drove the AI race, with the stock gaining over 147% this year. Other big tech stocks like Microsoft and Apple also contributed to the market’s rise.
The S&P 500 rose by 1.2%, while the Nasdaq climbed 2% and the Dow Jones Industrial Average gained 0.2%. Cybersecurity company CrowdStrike saw a 12% increase in its stock following positive earnings results. However, Dollar Tree’s stock fell by 4.9% after missing revenue expectations and considering selling off its Family Dollar business.
While Treasury yields decreased after mixed economic data, hopes for Federal Reserve rate cuts are rising. This was fueled by reports showing a slower pace of price increases and a slowdown in hiring outside the government. The upcoming release of the monthly jobs report on Friday may provide further insight into the state of the economy.
Markets worldwide responded differently, with European markets rising ahead of an interest rate decision by the European Central Bank. In Asia, stocks fell in Tokyo and Shanghai but rose in Seoul. Overall, the tech sector drove Wall Street to record highs amidst the ongoing AI revolution.
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https://fortune.com/2024/06/05/nvidia-stock-apples-3-trillion-valuation/