The S&P 500 hit multiple records this week, but it's still Nvidia's market

The S & P 500 earned three records this week alone. That brings the number of times in 2024 the broad market index closed at a new all-time high to 42. But, to some extent, the highs are blurring the reality of what is happening under the surface of the market. The S & P 500 is also moving in tandem with de facto market leader Nvidia , which advanced 4.6% on the week.

" Nvidia's gain this week also helped the artificial intelligence darling reclaim a $3 trillion market capitalization . It closed Friday worth $3.086 trillion. Among the wider field of chip stocks, only Nvidia has outperformed the large cap semiconductor index, according to Alpine Macro Equity Strategy. The company's breakout from its peers leaves Nvidia "lonely at the top," the firm lamented. These moves come as September trading is ending on an unusually strong note.

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