Nvidia, the darling of artificial intelligence, kept pushing itself to new heights and surpassed Microsoft to become the most valuable public company, setting a new record for the S&P 500.
The Nasdaq Composite finished 0.03% higher at 17,862.23, while the broad market index gained 0.25% to settle at 5,487.03. Additionally, the tech-heavy index closed at a record. The Dow Jones Industrial Average closed at 38,834.86, up 56.76 points, or 0.15%.
According to Ken Mahoney of Mahoney Asset Management, “you see investors trying to ride this train as long as they can with Nvidia and the usual suspects, but now you got those second-tier names” involved. “I sense a rotation out of the leaders for this quarter, but money isn’t abandoning the market.”
Nvidia continued its historic streak of surpassing Apple in value and reaching a market worth of $3 trillion earlier this month, when it surged 3.5% to become the most valuable public business, surpassing Microsoft in the process. The chipmaker has increased its value by 174% since the year began, as interest in artificial intelligence continues to grow.
Taiwan Semiconductor and Qualcomm saw increases of 1.4% and 2.2%, respectively, in semiconductor stocks as a show of solidarity. Technology at Micron increased by 3.8%. A weaker-than-expected retail sales report that raised expectations for a slowdown in the economy and a reduction in Federal Reserve rate cuts also helped the industry.
According to Chris Zaccarelli, chief investment officer of Independent Advisor Alliance, “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 indicating.”
The actions on Tuesday come after a successful Wall Street session that saw the S&P 500 and Nasdaq reach record closing levels and all-time highs.
NEWS COLLECTED: NBC NEWS
