News

The benchmark S&P 500 (SPY) touched a record high on Thursday, driven by significant gains in Nvidia, as investors analyzed recent economic data and Federal Reserve commentary to determine the timing of potential interest rate cuts. Nvidia (NVDA) shares surged 3.1% to an all-time high, boosted by server orders from Dell (DELL) and Super Micro (SMCI) for Elon Musk's AI startup, xAI. Dell and Super Micro shares rose 5.5% and 9.2%, respectively. Nvidia's ascent helped the S&P 500 and Nasdaq (QQQ) close at record highs in the previous session, dethroning Microsoft as the world's most valuable company.

The technology sector saw robust performance, with the S&P 500 Technology index reaching a record high. Marvell Technology (MRVL) and Advanced Micro Devices (AMD)climbed 2.3% and 4.5%, respectively, while Accenture jumped 5.7% following an optimistic annual revenue growth forecast. Economic indicators showed mixed results, with jobless claims falling, suggesting a resilient job market, but single-family homebuilding fell amid high mortgage rates.

Market Overview:

• Nvidia shares hit an all-time high, driving the S&P 500 to a record level.


• Dell and Super Micro gained on server orders for Elon Musk's AI startup.


• Accenture shares surged after a positive revenue forecast.

Key Points:

• Marvell Technology and Advanced Micro Devices saw significant gains.


• The S&P 500 Technology index reached a record high.


• Economic data showed mixed results with resilient job markets but declining homebuilding.

Looking Ahead:

• Investors are closely watching for potential interest rate cuts by the Federal Reserve.


• Hewlett Packard Enterprise's (HPE) acquisition of Juniper Networks is under investigation for competition concerns.


• Trump Media & Technology Group (DJT) saw a decline due to potential equity dilution.

The strong performance of tech stocks, particularly Nvidia, has propelled the S&P 500 to new heights. Economic data continues to present a mixed picture, with a resilient job market but challenges in the housing sector. The potential for interest rate cuts later this year remains a focal point for investors, influencing market sentiment and trading strategies.

Overall, the market's focus on technology stocks and the anticipation of Federal Reserve actions are driving current trends. As companies like Hewlett Packard Enterprise navigate regulatory scrutiny, and firms like Trump Media & Technology Group deal with equity dilution concerns, investors are positioning themselves for the next phase of market movements.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.