Nvidia climbs to Wall Street's mountaintop as indexes edge up to more records

The staggering run for Nvidia’s stock carried it to the market’s mountaintop Tuesday, as it became the most valuable company on Wall Street. Stock indexes, meanwhile, ticked to more records after the latest signal that the U.S. economy’s growth may be slowing without cratering. The Standard & Poor's 500 added 0.3% to set an all-time high for the 31st time this year. The Nasdaq composite edged up less than 0.

After the release of the retail sales data, bets built among traders that the Federal Reserve will cut rates at least twice this year, according to data from CME Group. Fed officials themselves are largely penciling in one or two cuts in 2024. The yield on the 10-year Treasury fell to 4.21% from 4.29% late Monday. The two-year yield, which more closely tracks expectations for the Fed, fell to 4.70% from 4.77%.

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