The Australian sharemarket moved higher on Thursday, spurred on by advances in industrial, financial and technology stocks, after the world’s largest tech companies drove US stocks to record highs on Wall Street.
Chipmaker Nvidia – the market darling of the artificial-intelligence frenzy – led a rally in the “Magnificent Seven” US large-cap tech stocks to hit $US3 trillion in value, overtaking Apple as the world’s second-largest company. On the flip side, online jobs marketplace Seek gave back some of Wednesday’s 4.8 per cent gain. Its shares were down 3.1 per cent.Rio Tinto shares, which fell 0.9 per cent on Wednesday, extended their decline and were 0.5 per cent lower. Mineral Resources shares fell 1.3 per cent after the company revealed it had sold a 49 per cent interest in the Onslow iron ore project’s dedicated haul road to Morgan Stanley Infrastructure Partners for $1.3 billion.
Nvidia shares soared 5.2 per cent to a record $US1224.40, making it the first computer-chip company to hit $US3 trillion in market capitalisation. The company’s shares have rallied almost 150 per cent this year, as the insatiable demand for its chips – used to power AI tasks – continues to rocket. Since 1928, the first 15 days of July have been the best two-week trading period of the year for equities, according to Rubner. The S&P 500 has been positive in July for nine straight years, posting an average return of 3.7 per cent. The Nasdaq 100 has an even better record, posting gains in 16 straight Julys, with an average return of 4.6 per cent.
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