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Nvidia becomes Wall Street’s most valuable company

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The Santa Clara company is responsible for nearly a third of the S&P 500’s entire gain for the year through May.

NEW YORK — 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 following the latest signal that the U.S. economy’s growth may be slowing without cratering.

It grabbed the top spot on Wall Street from Microsoft, which has been trading the crown back and forth with Apple after they wrested it from past titans like Exxon Mobil and cigarette-maker Philip Morris. Of course, a potential danger of having a handful of superstars responsible for most of the U.S. stock market’s run to records is a more fragile market. If more stocks were participating, it could be a signal of a healthier market.

The downside of Tuesday’s weaker-than-expected data is that it could be a warning signal that the main engine of the U.S. economy, spending by households, is cracking. Alongside May’s numbers, the U.S. government also revised down figures for retail sales in prior months.

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