Nvidia Is Now Wall Street's Most Valuable Company

It topped Microsoft with 3.5% gain Tuesday
By Newser Editors and Wire Services
Posted Jun 18, 2024 3:45 PM CDT
Nvidia Is Now Wall Street's Most Valuable Company
The New York Stock Exchange is shown on Tuesday, June 18, 2024.   (AP Photo/Peter Morgan)

US stocks edged up to more records Tuesday 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 13.80 points, or 0.3%, to 5,487.03, hitting another all-time high.
  • The Dow Jones Industrial Average rose 56.76 points, or 0.1%, to 38,834.86.
  • The Nasdaq composite rose 5.21 points, or less than 0.1%, to a new high of 17,862.23.
Nvidia climbed to top Microsoft and become the largest US stock by market value at over $3 trillion, the AP reports. It rose 3.5% and was once again the strongest force pushing the S&P 500 upward.

Nvidia's chips are helping to develop AI, which proponents expect to change the world as much or more than the internet, and demand for its chips has proven to be more voracious than even the most optimistic forecasts. Nvidia's revenue routinely triples every quarter, and its profit is rocketing at even more breathtaking rates. Its stock is up 174.2% this year.

Treasury yields in the bond market fell after a report showed sales at US retailers returned to growth last month but remained below economists' expectations. Lennar, a homebuilder, fell 5% after co-CEO Stuart Miller said "challenged consumer sentiment" and swings in interest rates are testing the company. Its stock fell even though it reported better profit for the latest quarter than analysts expected. Shares of Fisker plunged 54.9% to 2 cents after the electric-vehicle maker filed for Chapter 11 bankruptcy protection. The company cited "various market and macroeconomic headwinds."

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On the winning side of Wall Street was La-Z-Boy, which jumped 19.5% after reporting stronger profit and revenue for the latest quarter than expected. The furniture maker said the current quarter is also off to a good start, with a solid Memorial Day, even as high interest rates keep down housing activity throughout the economy. Silk Road Medical jumped 24% after Boston Scientific agreed to buy the medical device company in a cash deal valuing it at roughly $1.26 billion, including its cash. Boston Scientific added 0.2%.

(More stock market stories.)

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