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Nvidia shares climbed to a fresh high Wednesday, pushing the chipmaker’s market value over $5 trillion
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Major U.S. equites indexes climbed to fresh records Wednesday afternoon ahead of a Federal Reserve decision on interest rates.
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Nvidia became the first company to reach a market capitalization of $5 trillion market, as its stock climbed to new highs.
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Fiserv shares plummeted after the financial tech firm posted weaker-than-expected results and announced executive changes.
Major U.S. equities indexes extended their record-setting run Wednesday afternoon ahead of an expected decision from the Federal Reserve to cut interest rates. The Dow, S&P 500, and Nasdaq all climbed to all-time highs.
AI investor favorite Nvidia (NVDA) helped push the indexes higher after an event where it highlighted a flurry of partnerships. The shares climbed to a fresh high that lifted the chipmaker’s market capitalization above $5 trillion, making it the first company ever to achieve that milestone.
Caterpillar (CAT) shares surged to an all-time high as sales of AI power-generation equipment helped the maker of big machines beat earnings and revenue estimates.
Teradyne (TER) shares also took off after the semiconductor and robotics firm posted better-than-expected results and offered an upbeat outlook as it benefited from AI demand.
Fiserv (FI) was the worst-performing stock in the S&P 500 after the financial tech provider missed profit and sales estimates, slashed its outlook, and shook up its executive team.
Shares of Etsy (ETSY) tumbled after the online marketplace also announced a leadership change, with CEO Josh Silverman stepping down at the end of the year to be replaced by President and Chief Growth Officer Kruti Patel Goyal.
Hormel Foods (HRL) shares fell after the maker of Spam, Skippy peanut butter, and other packaged foods warned current-quarter results could be hurt by price pressures, bird flu, and a fire at a peanut butter production plant.
Oil and gold futures advanced. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Prices for most major cryptocurrencies were lower.
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