Stocks made significant strides on Tuesday, extending their gains. The S&P 500, in particular, closed at a record high for the second day in a row, marking a notable 0.25% increase.

The market landscape was dramatically altered by Nvidia’s stock price surge, propelling the company past Microsoft and Apple to claim the title of the most valuable publicly listed entity in the US.

The Nasdaq-100 was included, adding a modest gain to secure its seventh consecutive record close. The Dow Jones Industrial Average also climbed, adding 56 points to its tally.

Nvidia’s impressive 3.5% leap wasn’t a standalone event. Other semiconductor stocks, such as Qualcomm (up 2.2%), Taiwan Semiconductor (up 1.4%), and Micron Technology (up 3.8%), also witnessed gains.

Investors remained keenly interested in upcoming economic data releases and pronouncements from Federal Reserve officials, seeking clues about the economy’s state and potential future policy shifts.

Disappointing retail sales data for May hinted at a possible slowdown in consumer spending, but industrial production figures surpassed forecasts, offering a more optimistic outlook.

New York Fed President Williams acknowledged the economy’s positive direction but stopped short of providing a specific timeframe for potential interest rate cuts. In contrast, Fed Governor Kugler anticipates a rate cut later this year. US markets will be shut on Wednesday in observance of Juneteenth.

Reply

Topic