Stocks Rise as Bullish Nvidia Call Boosts AI Trade: Markets Wrap
- Nvidia becomes world’s largest firm in record-breaking rally
- Treasuries climb after solid demand in $13 billion US sale
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A rally in chipmakers drove stocks to another record, with traders betting the potential for Federal Reserve rate cuts will keep fueling the industry that has powered the equity market this year.
The S&P 500 came closer to the historic 5,500 mark. Nvidia Corp. became the world’s most-valuable company — topping Microsoft Corp. — to extend this year’s record-breaking surge. A bullish analyst call projected the firm at the heart of the artificial-intelligence boom will hit nearly $5 trillion in value in the coming year — from about $3.3 trillion. Bonds climbed as traders piled into a $13 billion sale of 20-year Treasuries.