U.S. stock markets will close on Wednesday for the Juneteenth holiday. On Tuesday, the S&P 500 and Nasdaq Composite hit record highs, driven by Nvidia’s (NASDAQ: NVDA) stock surge, making it the world’s most valuable company at $3.34 trillion, surpassing Microsoft’s $3.31 trillion valuation.
Nvidia’s Ascent
Nvidia’s stock rose over 3%, buoyed by its critical role in AI technologies like OpenAI’s ChatGPT. The company’s market cap has soared this year, contributing significantly to the S&P 500’s 2024 gains.
Fed Signals Possible Rate Cuts
Federal Reserve Governor Adriana Kugler indicated potential rate cuts if economic conditions improve. Inflation remains high, but recent data suggests prices may stabilize, potentially leading to a rate reduction.
Golden Goose Delays IPO
Italian luxury brand Golden Goose postponed its IPO due to market volatility following European elections and a snap election in France. The company aims to revisit the IPO in the future.
Crude Prices Edge Lower
Crude prices dipped slightly due to an unexpected rise in U.S. crude inventories, raising demand concerns. WTI crude traded at $80.52 per barrel, while Brent crude was at $85.13.
