Nvidia surge drives S&P 500 to new record

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Another Nvidia price surge saw the AI giant hit a new share price high and surpass Microsoft to become the most valuable public company.

The broader S&P 500 closed up 0.25 per cent to a record 5,487.03. The Nasdaq just managed to tip into the green closing up 0.03 per cent but also setting a new record. The Dow Jones closed up 0.15 per cent.

Nvidia surged 3.5 per cent to surpass Microsoft as the most valuable public company, after topping a $3 trillion market cap. The chipmaker is now up 174 per cent since the start of the year.

Other semiconductor stocks followed Nvidia, with Qualcomm and Taiwan Semiconductor up 2.2 per cent and 1.4 per cent, respectively. Micron Technology gained 3.8 per cent.

In macro news the latest US retail sales rose 0.1 per cent in May versus consensus expectations of a 0.3 per cent increase. In a separate report May industrial production and manufacturing output both beat expectations.

Turning to US sectors, the best performer was Financials which closed up 0.64 per cent. The worst performing sector was Communications which finished down 0.77 per cent.

The Reserve Bank of Australia has kept interest rates at 4.35 percent for the fifth straight meeting, marking seven months of unchanged rates. Rates remain at their highest level since November 2011. Inflation is easing slowly and remains high, with the Board expecting it will take time to reach the target range. While data has been mixed, the need to stay vigilant against inflation risks is emphasised. The path of interest rates is uncertain, but the Board is determined to return inflation to target and will take necessary actions to achieve this.

The SPI futures are pointing to a 0.1 per cent fall.


One Australian dollar at 7.30am was buying 66.56 US cents.


Gold has gained 0.77 per cent. Silver has added 0.59 per cent. Copper has gained 0.97 per cent. Oil has risen 1.54 per cent.

Figures around the globe

European markets closed higher. London’s FTSE gained 0.6 per cent, Frankfurt added 0.35 per cent, and Paris closed 0.76 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei gained 1.0 per cent, Hong Kong’s Hang Seng fell 0.11 per cent while China’s Shanghai Composite closed 0.48 per cent higher.

Yesterday, the Australian share market closed 1.01 per cent higher at 7,778.08.

AFT Pharmaceuticals (ASX:AFP) is paying 0.9845 cents unfranked

Dividends payable
McGrath Ltd (ASX:MEA)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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