Nvidia Is Now Part of $3 Trillion Market Cap Club

Nvidia has become the third company ever to have a market cap greater than $3 trillion. And now, Nvidia is pivoting to the next AI frontier it plans to conquer. This recent move is valued at $1 trillion... at least. A small handful of Nvidia's other partners could see their own stocks benefit from it.

Stocks Falter As Fed Signals Need For Higher-For-Longer Rates; Uber Crashes, Energy Sector Loses Ground: What's Driving Wednesday's Market?

Piero Cingari
May 08, 2024

Wednesday witnessed a tempering of the bullish sentiment that had buoyed Wall Street in recent sessions, with major indices showing slight declines around midday trading in New York.

Hawkish remarks from Minneapolis Fed President Neel Kashkari and Boston Fed President Susan Collins sparked concerns among investors about the potential delay in rate cuts, as the likelihood of enduring higher interest rates gained traction.

Kashkari asserted that the Fed would likely need to maintain borrowing costs at current levels for an extended period, potentially throughout the year, and did not rule out rate hikes if inflation remained stubbornly high at 3%.

Collins echoed similar sentiments, suggesting that a slowdown in economic growth would be necessary to bring inflation closer to the Fed’s 2% target, cautioning against premature rate cuts.

The S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), edged down by 0.2%, striving for a fifth consecutive day of gains, which would mark the longest winning streak since late January.

The Nasdaq 100 also slipped by 0.2%, while blue-chip stocks in the Dow Jones Industrial Average marginally managed to avoid losses. However, small-cap stocks were the laggards of the day, with the Russell 2000 Index declining by 0.9%.

In the commodities market, the Energy Information Administration’s report of a decline in crude oil inventories last week led to a modest 0.6% increase in West Texas Intermediate prices. Gold prices remained steady, while silver experienced a modest uptick of 0.6%.

Bitcoin (CRYPTO: BTC) traded flat at $62,300.

Wednesday’s Performance Of Major US Indices, ETFs

Major IndicesPriceChg%
Dow Jones38,938.23+53.970.1%
Nasdaq 10018,062.51-28.94-0.2%
S&P 5005,177.51-10.19-0.2%
Russell 20002,056.16-1.81-0.9%
Updated at 12:54 EDT

Wednesday’s Stock Movers

  • Uber Technologies Inc. (NASDAQ:UBER) fell over 9% after the company missed earnings expectation, ad reported a loss in Q1.
  • Other stocks reacting to earnings were Shopify Inc. (NYSE:SHOP), down 19%, Tripadvisor.com (NASDAQ:TRIP), down 29%, Kyndril Holdings (NYSE:KD) up 23%, Emerson Electric Company (NYSE:EMR) up 3.5%, Vista Corp. (NYSE:VST), Broadbidge Financial Solutiom (NYSE:BR) down 6%, TPG Inc. (NASDAQ:TPG) down 3% Arista Networks, Inc. (NYSE:ANET), up 6%, Occidental Petroleum Corporation (NYSE:OXY), up 3% Reddit, Inc. (NYSE:RDT) up 2.3%, Rivian Automotive, Inc. (NASDAQ:RIVN) down over 11%, Twilio Inc. (NYSE:TWLO) down over 6%.
  • Those reporting after the close include Airbnb, Inc. (NASDAQ:ABNB), AppLovin Corporation (NASDAQ:APP), Beyond Meat, Inc. (NASDAQ:BYND), Bumble Inc. (NASDAQ:BMBL), Cheesecake Factory Incorporated (NASDAQ:CAKE), Exact Sciences Corporation (NASDAQ:EXAS), HubSpot, Inc. (NYSE:HUBS), News Corporation (NASDAQ:NWSA), Robinhood Markets, Inc. (NASDAQ:HOOD), Sunrun Inc. (NASDAQ:RUN), The Trade Desk, Inc. (NASDAQ:TTD) and SolarEdge Technologies, Inc. (NASDAQ:SEDG).

Read now: Apple’s New M4 iPads: ‘More Powerful Than Any AI PC’ Today, Set To Boost Sales

Image generated using artificial intelligence via Midjourney.

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