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Stock market today: S&P 500, Nasdaq slip from records as Nvidia dips

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Nvidia News

Nasdaq Composite,Stock Indexes,S&P 500

Nvidia's record-breaking surge, which catapulted it to the title of world's most valuable public company, was set to continue.

Two of the major stock indexes declined on Thursday after touching record highs earlier in the session. The S&P 500 briefly crossed 5,500 for the first time, as Nvidia's record-breaking surge — which catapulted it to the title of world's most valuable public company — ebbed. The S&P 500 lost around 0.2% after the index secured its 31st record close of the year on Tuesday. The tech-heavy Nasdaq Composite touched new highs earlier in the session but close down almost 0.8%.

Despite the dip, the stock is still up more than 170% so far this year. On Tuesday Nvidia completed a remarkably quick surge to temporarily usurp Microsoft as the most valuable company in the world — just two weeks after it dethroned Apple as the No. 2 most valuable company. Its rise to the top has come so fast, Yahoo Finance's Jared Blikre wrote, that some more passive investors haven't been able to keep up.

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