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Home»Finance»Nvidia pushes Nasdaq, S&P 500 to record highs
Finance

Nvidia pushes Nasdaq, S&P 500 to record highs

July 9, 2024No Comments2 Mins Read
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Nvidia pushes Nasdaq, S&P 500 to record highs
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AP Photograph/Jason DeCrow

  • The S&P 500 index and Nasdaq closed at file highs, pushed by a 2% achieve in Nvidia.

  • UBS raised Nvidia’s value goal to $150 attributable to robust demand for its chips and an affordable valuation.

  • Traders are awaiting June’s CPI inflation report Thursday and feedback from Fed Chairman Jerome Powell.

The S&P 500 index and Nasdaq closed at file highs on Monday, pushed by an almost 2% achieve in Nvidia inventory.

The AI darling rose after UBS raised its value goal to $150 per share in a Monday be aware. The financial institution mentioned current supply-chain checks confirmed robust demand for Nvidia’s next-generation Blackwell chips.

Traders will look to feedback from the Federal Reserve’s chairman, Jerome Powell, as he testifies to Congress on Tuesday and Wednesday, a key inflation report, and the beginning of the second-quarter earnings season later this week to see if the good points can proceed.

Maybe crucial occasion of the week is the Thursday launch of the June CPI report, which is predicted to register a year-over-year achieve of three.1%, in response to estimates from economists.

The inflation report, mixed with the June Producer Value Index set to be launched Friday, will assist inform buyers and the Fed as to when interest-rate cuts would possibly happen.

Jeremy Siegel, a professor on the Wharton College, believes the Fed’s September FOMC assembly is when the central financial institution will start to chop charges.

This is the place US indexes stood on the 4 p.m. closing bell on Monday:

This is what else occurred right this moment:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil dropped 1.14% to $82.21 a barrel. Brent crude, the worldwide benchmark, was decrease by 1.03% to $85.65 a barrel.

  • Gold edged decrease by 1.36% to $2,365.20 per ounce.

  • The ten-year Treasury yield was decrease by one foundation level to 4.28%.

  • Bitcoin jumped 0.95% to $56,400.

Learn the unique article on Enterprise Insider

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