Stocks edge higher after S&P 500’s landmark close
US stocks edged higher on Monday after the S&P 500 index notched a historic close, as investors prepared for the first key inflation update of the year and the next wave of earnings reports.
The S&P 500 (^GSPC) rose 0.3% after a record-setting week that saw the benchmark end above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) gained around 0.5%, while the tech-heavy Nasdaq (^IXIC) rose about 0.3%.
Shares of chipmaker Nvidia (NVDA) rose 2% to hit another record on Monday. British semiconductor designer Arm (ARM) also surged to a new record, extending gains from last week.
Stocks have gained as the market embraces a clutch of better-than-expected corporate results, with big tech names driving the lion’s share. Eyes are on the next batch of quarterly reports, with John Deere (DE), Coca-Cola (KO), Airbnb (ABNB), and Kraft Heinz (KHC) serving as highlights on the docket in the coming days.
But the week will bring a new challenge to the rally, with the January reading of the Consumer Price Index due Tuesday. The CPI report will give investors their first insight into how cool inflation is running in 2024 and, alongside an update on consumer spending, will set expectations for the timing and pace of Federal Reserve interest rate cuts this year.
Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
Traders have scaled back bets on a March rate cut as a stream of warnings from cautious Fed officials ring in their ears. Monday brings more Fedspeak, with regional presidents Michelle Bowman, Tom Barkin, and Neel Kashkari scheduled to appear.
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Nvidia market cap eclipses Amazon, Alphabet
Nvidia’s (NVDA) market cap has eclipsed valuations for Amazon (AMZN) and Alphabet (GOOG) as shares of the chipmaker extended to new all-time highs on Monday.
The stock has gained more than 50% year-to-date, reaching an intraday record of $746.11 per share.
Nvidia’s market cap touched $1.83 billion dollars on Monday, surpassing Amazon’s $1.80 billion. The chipmaker is narrowly bigger than Alphabet’s almost $1.82 billion market cap.
Nvidia surpassed Amazon in market cap on Monday, as the chip maker’s rally extended . -
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Forget Microsoft and Apple, the race for $2 trillion is on for Alphabet, Amazon and Nvidia
Microsoft (MSFT) may have claimed the top spot from Apple (AAPL) Friday for the all-time highest market cap ($3,124,869,988,352), but both companies are slightly in the red today.
Another interesting race is emerging for third place among Alphabet (GOOGL), Amazon (AMZN), and Nvidia (NVDA). Despite a more-than-respectable 6% gain so far this month for Alphabet, blistering returns from Amazon (up 12%) and Nvidia (up 17%) suggest one of the latter two may become the third US public company to hit $2 trillion in valuation. (Alphabet rallied just shy of this mark in November 2021.)
‘Mag 7’ Market Cap Race Heating Up Nvidia now accounts for over one quarter (26%) of the S&P 500’s increase in market cap this year, though the stock only accounts for 4% of the benchmark index’s weight.
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Read More: Stocks edge higher after S&P 500’s landmark close