Wall Street Closes with Gains; Nvidia Now the Most Valuable Company in the World

t is worth noting that both the S&P 500 and the Nasdaq registered new closing highs on Tuesday.

Ignacio Teson•Wednesday, June 19, 2024•1 min read

The U.S. market session was marked by weak retail sales figures that pushed two of the three major indices to record highs.

All three major Wall Street indices rose on Tuesday. The averages advanced on hopes that the Federal Reserve (Fed) will soon cut interest rates and were buoyed by a new record from Nvidia.

The leading Dow Jones index, composed of 30 major companies, rose 0.15% to 38,834.86 points, while the S&P 500, with 500 stocks, advanced 0.25% to 5,487.03 points. The tech-heavy Nasdaq gained 0.03% to 17,862.23 points.

U.S. retail sales grew by 0.1% in May, below expectations of 0.2%. The data supports expectations that the Federal Reserve may cut interest rates sooner than anticipated.

SPX

Among the notable performers, chipmaker Nvidia stood out. Its shares rose 3.56% to $135.64, reaching a record market capitalization of $3.33 trillion and becoming the most valuable public company in the world.

The AI giant has gained over 170% in market capitalization this year, allowing it to surpass Microsoft, with its $3.32 trillion, and Apple, which fell 1.10% to $3.28 trillion after having risen to the top spot yesterday.

Among the 11 major sectors of the S&P 500, gains were predominant, with the consumer sector leading with a 1.43% advance. Within the Dow Jones index, the majority of the 30 stocks rose, led by Goldman Sachs (+1.61%) and Verizon (+1.57%).

It is worth noting that both the S&P 500 and the Nasdaq registered new closing highs on Tuesday, while the Dow Jones advanced for the second consecutive session after recording a four-day losing streak.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.