Oddbean

S&P 500 and Nasdaq notch record highs as Nvidia gains ========== The S&P 500 and Nasdaq closed at record highs on Tuesday, driven by gains in Nvidia following comments from Federal Reserve Chair Jerome Powell about the potential for rate cuts. Nvidia's stock rose 2.5%, offsetting declines in other chip stocks. Microsoft dipped 1.4%, while Tesla gained 3.7%. Powell stated that more positive economic data would strengthen the case for rate cuts, but he did not provide any signals about the timing of future actions. The Nasdaq achieved its sixth consecutive record-high close, while the S&P 500 achieved its fifth. The market remains optimistic about the growth of artificial intelligence (AI) in the U.S. corporate landscape. Inflation data is expected later in the week, and the three major banks, JPMorgan, Wells Fargo, and Citi, will release their quarterly results on Friday. Analysts predict a 10.1% increase in aggregate earnings per share for S&P 500 companies in the second quarter. #S&p500 #Nasdaq #RecordHighs #Nvidia #FederalReserve #RateCuts #ArtificialIntelligence #Inflation #Jpmorgan #WellsFargo #Citi https://finance.yahoo.com/news/futures-higher-megacaps-chip-stocks-102658228.html