NEW YORK (Reuters) -The S&P 500 and Nasdaq registered record closing highs on Thursday, and Nvidia’s market value closed above $4 trillion for the first time, while the Brazilian real recovered some losses following U.S. President Donald Trump’s announcement of a 50% tariff on the country’s goods.
Shares of Nvidia ended up 0.75% at $164.10, giving the chipmaker a market value of $4.004 trillion, thanks to surging demand for artificial-intelligence. The move solidified its position as one of Wall Street’s most-favored stocks.
Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts, said the market appears to be in a holding pattern ahead of reports from S&P 500 companies.
JPMorgan Chase is due to release results Tuesday, essentially kicking off the reporting period.
“There’s been great skepticism with all of the analysts that follow the S&P 500, how they’ve been reducing their estimates at large, based on the tariffs and uncertainty around that,” he said.
“But we think, when all is said and done, those growth companies, and specifically tech companies, are going to come through with fabulous earnings. So I think the market is in a waiting period.”
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