Nvidia leads Nasdaq and S&P 500 to record high closes
By Noel Randewich and Ankika
Biswas
Wed July 10, 2024
4:13 PM
The day started near flat for all the indexes but then immediately went upward for the entire session closing with hefty 3-digit gains all around, the seventh straight record for the Nasdaq and sixth for the S&P as it crossed the 5,600 mark for the first time. The trigger was the double whammy of Taiwan Semiconductor posting a strong Q2 (which also strongly boosted Nvidia and the rest of tech) and Powell’s remarks today that he had “some confidence” that inflation was moving sustainably down.
The whole tech index surged 2.4%.
The big inflation data (CPI and PPI) is coming Friday, along with the
first of the big bank Q2, but confidence is strong enough to warrant this rally
and to put the odds of a September rate cut up to 74% today vs 70 yesterday vs
45 last month. But awaiting the coming reports, volume remains light at 10 billion
vs an 11.5 average.
DJ: 39,291.97 -52.82 NAS: 18,429.29
+25.55 S&P: 5,576.98
+4.13 7/9
DJ: 39,721.36 +429.39 NAS: 18,647.45
+218.16 S&P: 5,633.91
+56.93 7/10
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