Global stocks reached record highs on Wednesday, driven by a surge in tech shares, particularly Nvidia (NASDAQ), which has become the world’s most valuable company. Nvidia’s shares climbed 3.2%, lifting its market cap to $3.33 trillion, surpassing Microsoft.
MSCI’s All-World index rose 0.15%, hitting an all-time high. U.S. stock index futures also rose, with Nasdaq 100 futures up 0.23% and S&P 500 futures up 0.1%. In Europe, the STOXX 600 fell 0.1%.
The pound strengthened after British inflation hit the Bank of England’s 2% target in May for the first time since 2021. However, this is unlikely to prompt a rate cut from the central bank.
U.S. retail sales data suggested economic activity remained sluggish in the second quarter, boosting hopes for a Fed rate cut later this year. The dollar index held steady, while oil prices rose, with Brent crude futures up 0.6% to $85.80 a barrel.
Market sentiment remains optimistic as investors anticipate potential rate cuts and continued growth in the tech sector.
