No images? Click here ![]() By Alex Eule | Wednesday, July 9 Nvidia's Market. Since ChatGPT launched in November 2022, unleashing a new age of artificial intelligence, shares of Nvidia have been on an absolute tear. And today, the company reached a level no stock ever has before, crossing $4 trillion in market value. The milestone is symbolic but notable. Nvidia represents 7.5% of the entire S&P 500's market cap. The stock has pushed through volatility, and doubts -- and the rally may not be over, my colleague and Barron's Nvidia expert Tae Kim says. "For Nvidia stock, the bull case remains intact. Nvidia remains the most important supplier for AI and is at the center of the multi-year AI infrastructure buildout," Tae wrote today. "The growth story isn’t over." Nvidia closed just below the $4 trillion market value mark today, but it managed to surpass Apple's record market cap close of $3.915 trillion. Today alone, Nvidia shares rose 1.8%, adding $70 billion in market cap. That move helped push the tech-heavy Nasdaq Composite up 0.9% to its own record. The S&P 500 was up 0.6% on the day, while the Dow Jones Industrial Composite rose 218 points, or 0.5%. With trade and tariff news feeling more routine these days, the market is bracing for the start of earnings season. The big banks, including JPMorgan Chase, Citigroup, and Wells Fargo, start reporting next Tuesday. As of now, analysts expect 5.8% earnings growth for the S&P 500 in the second quarter. Earnings will be in full force as the market gets its other big July event -- the Federal Open Market Committee's meeting from July 29 to 30, and the subsequent rate decision. The FOMC released minutes from its last meeting today, showing growing disagreement around the pace of rate cuts. My colleague Nicole Goodkind writes:
At the moment, the futures market implies two quarter-point rate cuts by the end of the year. The actual number will go a long way in determining how the market performs in the second half. ![]() DJIA: +0.49% to 44,458.30 The Hot Stock: AES +19.8% Best Sector: Utilities +0.9% ![]() ![]() ![]() ![]() The CalendarConagra Brands, Delta Air Lines, and Levi Strauss report quarterly results tomorrow. The Department of Labor reports initial jobless claims for the week ending July 5. Claims averaged 241,500 a week in June, up from 215,200 in January. ![]() What We're Reading Today
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