The US stock market continued its upward trajectory on Thursday, with the S&P 500 briefly crossing the 5,500 mark for the first time ever. This milestone was driven by the record-breaking surge of Nvidia, which has now claimed the title of the world’s most valuable public company.
The S&P 500 gained 0.5% on Thursday, securing its 31st record close of the year. The Nasdaq Composite also rose slightly to reach new highs, while the Dow Jones Industrial Average saw a 0.4% increase.
The excitement around artificial intelligence (AI) has been a major driver of the stock market’s growth this year, with Nvidia at the forefront of this trend. The company’s stock was up as much as 3% on Thursday morning, bringing its year-to-date gains to over 170%.
Nvidia’s rapid rise to the top spot as the most valuable company in the world has been nothing short of remarkable. Just two weeks ago, it dethroned Apple as the second most valuable company before surpassing Microsoft for the top spot on Tuesday.
In other news, global central banks were in focus on Thursday, with the Swiss National Bank cutting rates for the second time this year. The Bank of England, on the other hand, kept its benchmark rate at a 16-year high but hinted at a rate cut in the summer.
Looking ahead, most traders in the US are betting on a Federal Reserve rate cut by September, according to the CME FedWatch tool. Economic data released on Thursday showed a slight dip in weekly jobless claims, which came in at 238,000 compared to the consensus expectation of 235,000.
Overall, Thursday’s market action was dominated by tech-related stocks, with Nvidia, Dell Technologies, and Super Micro Computer among the top trending tickers on Yahoo Finance. These companies are at the forefront of the AI revolution, driving innovation and growth in the tech sector.
