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19/06/24
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Wall Street Higher as Nvidia Clinches Position as World’s Most Valuable Company
On Tuesday, the S&P 500 closed at a record high as Nvidia rallied to replace Microsoft as the world’s most valuable company, pushing the wider tech sector up and overshadowing economic data indicating U.S. consumers were more wary.
The Dow Jones Industrial Average was up 56 points, or 0.2%, the NASDAQ Composite was 0.02% higher, while the S&P 500 rose 0.3% to a new closing high of 5,487.97.
NVIDIA gained over 3% and pushed its market cap to $3.34T, beating Microsoft’s $3.31T and making the chipmaker the most valuable company in the world by market capitalization.
The latest surge came shortly after a bullish call by Rosenblatt Securities that raised its price target from $140 to $200 per share, suggesting close to 50% upside from the current price.
Rosenblatt said the potential of Nvidia’s software would lead to a surge in demand during the next decade as it complemented all hardware.
U.S. retail sales in May increased at a slower-than-expected rate monthly, and rose 0.1%, an improvement from April’s downwardly revised drop of 0.2%.
The weak retail sales figure may impact the outlook for the broader economy, which might in turn affect how the Federal Reserve will approach potential interest rate cut later in the year.
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