By Heard Editors
Another $3 trillion Big Tech company just got minted. On Wednesday it became Nvidia’s turn to join that rarefied club, which includes Apple and Microsoft, as its stock gained 5.2%.
The chipmaker, which is set to execute a stock split after markets close on Friday, is up 147% so far this year.
Big Tech companies keep blowing past enormous market capitalizations to power the stock market’s gains. The Nasdaq Composite hit another record Wednesday, advancing 1.96%, thanks to the tech giants. Besides Nvidia, shares of Meta Platforms, Microsoft, Alphabet, Apple and Amazon.com also advanced.
The S&P 500 also rallied to a new high, adding 1.2%, while the Dow industrials edged up 0.3%, gaining 96 points.
Easing borrowing conditions may have something to do with the recent stock market gains. The yield on the 10-year Treasury note fell for a fifth straight day to 4.289%. Treasury yields have fallen substantially in recent days following weaker-than-expected economic reports, including readings on consumer spending and manufacturing activity. Yields ticked up in morning trading after the Institute for Supply Managements services index clocked in at 53.8 for Mayup from 49.4 in April and above economists forecast for a 50.7 reading. They then quickly retreated, however.