US Stocks Surge on Microsoft and Nvidia’s All-Time Highs
US stocks had a positive start to the trading week as Microsoft and Nvidia achieved all-time highs. The major stock indices experienced a solid upward trend, with the NASDAQ index coming within 1.13% of its 2023 high. The S&P 500’s information technology sub-index emerged as the top performer, largely influenced by Microsoft’s record-breaking shares.
Microsoft’s rally can be attributed to its recent hiring of key artificial intelligence executives, including Sam Altman and Greg Brockman, both former OpenAI pioneers. Altman, in particular, was appointed to lead a new advanced AI research team, which positively impacted the technology sector. This hiring spree also had a ripple effect, boosting stocks like Apple and Nvidia.
In this positive market scenario, both Microsoft and Nvidia closed at record levels. The surge in Microsoft’s shares also helped Apple, which is now only $7 away from its all-time high of $198.19.
The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all posted solid gains, with the S&P 500 inching closer to its year-to-date high from July. Wall Street’s main indexes have rebounded in November after three months of weakness, driven by easing U.S. inflation and expectations of a pause in interest rate hikes by the Federal Reserve. Market speculations now suggest the possibility of interest rate cuts as early as March.
The final numbers reveal the positive momentum of the market, with each of the major indices on track to break their three-month declines. The Russell 2000 of small-cap stocks also saw an increase, rising by 0.52% at 1807.08 points.
It is important to note the sector-wise performance. The S&P 500’s information technology sub-index, aided by Microsoft’s record-breaking shares, emerged as the day’s top performer, rising by 1.5%. The communication services sector followed suit with a 1.07% increase, while real estate rose by 0.80%. Utilities experienced a slight fall of -0.31%, and consumer staples remained unchanged.
As the markets continue their upward trajectory, investors are cautiously optimistic about the possibility of interest rate cuts in the near future. November has brought renewed hope to Wall Street, with the market likely to witness an extended period of positive growth.
