Stock market today: S&P 500, Nasdaq hit record highs as Nvidia leads tech rally

The S&P 500 and Nasdaq Composite closed at record highs on Wednesday, ignited by a Big Tech surge. The rally came amid tentative optimism for interest rate cuts on signs of slowing labor demand and a cooling economy. The S&P 500 rose nearly about 1.2% to close at at a record 5,354. Meanwhile, the tech-heavy Nasdaq Composite led the gains, popping nearly 2% to hit a record close of 17,187. The Dow Jones Industrial Average gained a more modest 0.2%.

Nvidia finished the session above Apple's market cap, supplanting it as the US stock market's second most valuable company. The rally also came amid a decline in Treasury yields. The 10-year Treasury yield hit 4.28% on Wednesday, its lowest level since March. Hopes for a Fed shift appear to be growing. About 65% of traders now expect policymakers to reduce the benchmark rate at their September meeting, compared with less than 50% a week ago, according to the CME FedWatch tool.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Nasdaq, S&P 500 pop as Nvidia galvanizes stocksNvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Nasdaq, S&P 500 touch new record as Nvidia galvanizes stocksNvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Nasdaq, S&P 500 hit new record as Nvidia galvanizes stocksNvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Nasdaq, S&P 500 futures pop as Nvidia galvanizes stocksNvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

S&P 500, Nasdaq open higher on Nvidia Q1 earnings bumpThe S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) are grooving to the tune of Nvidia's (NVDA) fiscal first-quarter earnings beat reported after the market...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nasdaq, S&P 500 futures pop as Nvidia results light up chip stocksThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »