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Stock market today: Nvidia pushes Nasdaq, S&P 500 to record highs

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AP Photo/Jason DeCrow

  • The S&P 500 and Nasdaq 100 closed at a record highs, driven by a 2% gain in Nvidia. 
  • UBS raised Nvidia’s price target to $150 due to strong demand for its chips and a reasonable valuation.
  • Investors are awaiting the June CPI inflation report on Thursday, as well as comments from Fed Chairman Jerome Powell. 

The S&P 500 and Nasdaq 100 closed at record highs on Monday, driven by a nearly 2% gain in Nvidia stock.

The AI darling rose after UBS raised its price target to $150 per share in a Monday note. The bank said recent supply chain checks showed strong demand for Nvidia’s next-generation Blackwell chips.

Investors will look to comments from Fed Chairman Jerome Powell as he testifies to Congress on Tuesday and Wednesday, a key inflation report, and the start of the second-quarter earnings season later this week to see if the gains can continue.

Perhaps the most important event of the week is the Thursday morning release of the June CPI report, which is expected to register a year-over-year gain of 3.1%, according to economist estimates.

The inflation report, combined with the June Producer Price Index released on Friday, will help inform investors and the Fed as to when interest rate cuts might occur.

Wharton professor Jeremy Siegel believes the Fed’s September FOMC meeting is when the central bank will begin to cut rates.

Here’s where US indexes stood at the 4 p.m. closing bell on Monday:

Here’s what else happened today:

In commodities, bonds, and crypto:

  • West Texas Intermediate crude oil dropped 1.14% to $82.21 a barrel. Brent crude, the international benchmark, was lower by 1.03% to $85.65 a barrel.
  • Gold edged lower by 1.36% to $2,365.20 per ounce.
  • The 10-year Treasury yield was lower by one basis point to 4.28%.
  • Bitcoin jumped 0.95% to $56,400.
Read the original article on Business Insider