Record High for Gold This Week, S&P Down, Nvidia Becomes the Top Company Again

This was a volatile week, with safe havens such as Gold making a new record high, while stock indices such as S&P 500 retreated, but not Nvidia, which has climbed to the top and become the most valuable company in the world. Commodity dollars also finished the week lower.

S&P 500 Chart Daily – MAs Continue to Act As Support

Despite dollar strength, gold has emerged as a top performer, closing the week at record highs, up $27 since Monday to around $2,748. Driven by global uncertainties, demand for physical gold has surged, pushing its 2024 gains to approximately 30%. Apple and Nvidia also saw gains, with Nvidia now surpassing Apple as the world’s most valuable company, valued at $3.53 trillion. Meanwhile, the S&P 500 rose 0.5% after earlier gains, while financial stocks weighed on the Dow, and a strong chip sector performance lifted the Nasdaq by 1%.

Nvidia Chart Daily – Nvidia Stock Closes Near the Record High

The indices faced mixed results as tech-driven stocks held gains, while broader markets saw declines amid economic uncertainty. The S&P 500’s drop this week ends a six-week winning run. With five of the seven magazines reporting, next week is a big one for the stock market.

Closing Prices for Main US Stock Indices on Friday:

• S&P 500: Flat
• NASDAQ Composite: +0.6%
• Russell 2000: -0.5%
• Dow Jones Industrial Average: -0.6%

Weekly US Stocks Performance:

• S&P 500: -1.0%, showing moderate decline through the week
• NASDAQ Composite: +0.2%, slightly positive as tech outperformed
• Dow Jones: -2.9%, affected by losses in financial and industrial stocks
• Russell 2000: -3.0%, indicating weaker performance among small-cap stocks

S&P 500 Live Chart

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ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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