S&P 500 and Nasdaq Hit Record Highs Amid Optimism Fueled by Nvidia Gains

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The S&P 500 and Nasdaq achieved record-high closes on Tuesday, largely due to gains in Nvidia. U.S. Federal Reserve Chair Jerome Powell’s comments to lawmakers hinted that additional positive economic data could bolster the case for rate cuts.

Nvidia shares rose 2.5%, compensating for declines in other semiconductor stocks. Despite a 1.4% drop in Microsoft shares, Tesla saw a 3.7% increase, contributing to the Nasdaq’s sixth consecutive record-high close and the S&P 500’s fifth.

While Powell emphasized ongoing high inflation, he noted recent improvements and suggested that more favorable data could support the argument for interest-rate cuts. Market sentiment has shifted, with a significant probability now placed on a rate cut by September.

(Disclaimer: With inputs from agencies.)

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