US stock indices rose on Thursday, with the S&P 500 briefly reaching 5,500 for the first time as Nvidia continued its record rise, making it the most valuable public company in the world. The S&P 500 gained 0.5%, while the Nasdaq Composite and Dow Jones Industrial Average also saw increases of around 0.4%. Wall Street appeared poised to continue its winning streak in 2024, driven by excitement around AI potential, with Nvidia’s shares rising over 170% this year.
Global central banks were in focus as the Swiss National Bank cut rates, and signs of a rate cut in the UK emerged. In the US, traders are anticipating a Federal Reserve cut by September. Economic data showed a drop in weekly jobless claims, slightly below consensus expectations. Trending stocks on Thursday were technology-related, with Nvidia hitting new highs following its surpassing of Microsoft as the most valuable company globally. Dell Technologies and Super Micro Computer also saw gains.
Home construction activity hit a four-year low, with a 5.5% decrease in residential construction starts in May, falling below economist projections. The slowdown poses challenges for the construction sector, especially in the single-family sector. Homebuilders’ confidence in the housing market declined to a five-month low, with high mortgage rates dissuading potential buyers.
Overall, the S&P 500 and Nasdaq reached new highs on Thursday, driven by Nvidia’s continued rise. The stock market remains optimistic about the outlook for 2024, with technology companies leading the way in gains. Investors are closely monitoring global central bank actions and economic data for signs of potential market shifts.
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https://finance.yahoo.com/news/live/stock-market-today-sp-500-crosses-5500-level-as-nvidia-surge-continues-133102435.html
