The broad market index added 0.25% to end at 5,487.03, while the Nasdaq Composite edged up 0.03% to close at 17,862.23 and DJIA added 56.76 points, or 0.15%, to settle at 38,834.86
The S&P 500 rose to a new record as AI company Nvidia continued its rise to new highs, topping Microsoft as the most valuable public company.
The broad market index added 0.25% to end at 5,487.03, while the Nasdaq Composite edged up 0.03% to close at 17,862.23. The tech-heavy index also ended at a record. The DJIA added 56.76 points, or 0.15%, to settle at 38,834.86.
“You see investors trying to ride this train as long as they can with Nvidia and the usual suspects, but now you also got those second-tier names” participating, noted Mahoney Asset Management’s Ken Mahoney. Money isn’t leaving the market, but I do sense a rotation out of the leaders for this quarter.
Nvidia climbed 3.5% to surpass Microsoft as the most valuable public company, and continue its milestone run after topping a $3 trillion market cap and moving past Apple in value earlier this month. The chipmaker has soared 174% since the beginning of the year as enthusiasm for artificial intelligence shows no signs of declining.
Some semiconductor stocks also gained, with Qualcomm and Taiwan Semiconductor up 2.2% and 1.4%, respectively. Micron Technology added 3.8%. The sector also caught a bid from declining Treasury yields on the heels of weaker-than-expected retail sales report that spurred hopes for some economic slowing and interest rate cuts by the Federal Reserve.
Without the consumer, this bull market is going to stall out, so investors need to see more consumer spending and not a material slowdown, which this report could be suggesting, according to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.
