Amid stronger-than-expected inflation data and cautious commentary from Federal Reserve officials, markets have slashed their rate cut expectations for 2024 in half.
A staggering rise in shares of chipmaker Nvidia helped the SPDR S&P 500 ETF Trust become the first exchange traded fund to top $500 billion in assets, market participants said. A sizeable chunk of those gains came from the surge in Nvidia, whose heavy weighting in the S&P 500 gives it an outsized influence on the index’s moves. “This is a result of Nvidia climbing to new highs rather than of fresh demand for the ETF,” said Todd Rosenbluth, chief ETF strategist at VettaFi.
The S&P 500 Index reached another record high in the wake of Nvidia's (NVDA) blockbuster earnings, which spread bullishness across the globe. We have highlighted five technology stocks that have gained in double digits so far this year.