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Stock market today: Nvidia climbs to Wall Street's mountaintop as stocks broadly drift

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NEW YORK (AP) — U.S. stocks edged up to more records following the latest signal that the economy’s growth may be slowing without cratering, while Nvidia continued its rocket ride upward to become Wall Street’s most valuable company.

NEW YORK — U.S. stocks edged up to more records following the latest signal that the economy’s growth may be slowing without cratering, while Nvidia continued its rocket ride upward to become Wall Street’s most valuable company. The S&P 500 rose 0.3% Tuesday, hitting another all-time high. The Dow Jones Industrial Average edged up 0.1%, and the Nasdaq composite edged higher to another record. Nvidia climbed to top Microsoft and become the largest U.S.

It usurped the top spot on Wall Street, which Microsoft and Apple have been trading back and forth recently. They were at the vanguard of Big Tech, which has come to dominate the U.S. stock market after amassing strength through the digitization of the world. Nvidia is riding the wave of a more specific tech surge, this time in artificial intelligence.

Stocks broadly got some lift from easing yields in the bond market on Tuesday. Treasury yields fell after a report showed sales at U.S. retailers returned to growth last month but remained below economists’ expectations. 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 even more. It dropped to 4.70% from 4.77%.

Inflation is still high, even if it's slowed since its peak, and lower-income households in particular are struggling to keep up with the more expensive prices.

 

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