Nvidia shares closed at a record $237.58 on Monday, up 2.1% — the stock's first record close in four months — taking the chipmaker's market capitalisation to roughly $5.76 trillion, according to MarketWatch.
The Nasdaq Composite notched a record closing high of 27,477.31, up 1.05%, lifted by Nvidia and Microsoft, which rose 1.5% and is approaching a $4 trillion valuation. The S&P 500 gained 0.66% to 7,773.95, while the Dow added 0.18% to close at 51,267.90.
The Magnificent Seven milestone
The combined market capitalisation of the "Magnificent Seven" — Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta and Tesla — ended Monday at a record $24.836 trillion, a figure larger than the nominal GDP of any country except the United States, per Dow Jones Market Data reported by the Wall Street Journal.
What drove the rally
Weaker-than-expected US September jobs data — 29,000 jobs added against expectations of about 84,000, with unemployment at 4.2% — dampened expectations of further Federal Reserve rate hikes, easing pressure on growth stocks. The US 10-year Treasury yield stood at about 5.31%, its highest since April 2002, while Brent crude traded around $100.32 after Middle East export recovery and a G7 pledge to release emergency stockpiles.
Analysts noted that Nvidia still trades below 20 times estimated next-fiscal-year earnings despite expected growth of about 70%, with BNP Paribas raising its price target to $345 — implying roughly 45% upside from current levels.
Sources:
The case for Nvidia's stock to march even higher after clinching its first record high in months — MarketWatch
Nasdaq notches record high close as investors focus on earnings — The Business Times
Tech Stars' Market Cap Approaches $25 Trillion — Wall Street Journal
The Nasdaq Composite notched a record closing high of 27,477.31, up 1.05%, lifted by Nvidia and Microsoft, which rose 1.5% and is approaching a $4 trillion valuation. The S&P 500 gained 0.66% to 7,773.95, while the Dow added 0.18% to close at 51,267.90.
The Magnificent Seven milestone
The combined market capitalisation of the "Magnificent Seven" — Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta and Tesla — ended Monday at a record $24.836 trillion, a figure larger than the nominal GDP of any country except the United States, per Dow Jones Market Data reported by the Wall Street Journal.
What drove the rally
Weaker-than-expected US September jobs data — 29,000 jobs added against expectations of about 84,000, with unemployment at 4.2% — dampened expectations of further Federal Reserve rate hikes, easing pressure on growth stocks. The US 10-year Treasury yield stood at about 5.31%, its highest since April 2002, while Brent crude traded around $100.32 after Middle East export recovery and a G7 pledge to release emergency stockpiles.
Analysts noted that Nvidia still trades below 20 times estimated next-fiscal-year earnings despite expected growth of about 70%, with BNP Paribas raising its price target to $345 — implying roughly 45% upside from current levels.
Sources:
The case for Nvidia's stock to march even higher after clinching its first record high in months — MarketWatch
Nasdaq notches record high close as investors focus on earnings — The Business Times
Tech Stars' Market Cap Approaches $25 Trillion — Wall Street Journal
