The US stock market is on a rollercoaster ride as the S&P 500 index briefly crossed the 5,500 level for the first time ever on Thursday. This milestone came as Nvidia continued its record-breaking surge, solidifying its position as the world’s most valuable public company.
The excitement on Wall Street was palpable as the S&P 500 secured its 31st record close of the year on Tuesday. The tech-heavy Nasdaq Composite also touched new highs before dipping slightly, while the Dow Jones Industrial Average saw a modest increase.
The driving force behind the stock market’s growth story this year has been the buzz around AI technology, with Nvidia at the forefront of this trend. The company’s stock has soared more than 170% so far in 2024, propelling it to the top spot as the most valuable company in the world.
Global central banks also made headlines on Thursday, with the Swiss National Bank cutting rates for the second time this year and the Bank of England hinting at a rate cut in the summer. In the US, traders are betting on a Fed rate cut by September, with weekly jobless claims showing a slight dip.
As the market continued to fluctuate, energy stocks led the gains on Thursday, with the S&P 500 Energy Select ETF up over 1%. Oil giants ExxonMobil and Chevron saw their stocks rise as well, contributing to the overall positive momentum.
Meanwhile, tech-related companies like Dell and Super Micro Computer saw their stocks surge after Elon Musk announced their collaboration on hardware for his AI startup. This news further fueled the market’s enthusiasm for AI technology and its potential impact on various industries.
Overall, the stock market remains a dynamic and ever-changing landscape, with investors closely watching the latest developments and trends to make informed decisions. Stay tuned for more updates as the market continues to evolve.
