Nvidia shares rose to a new high on Wednesday, lifting the chipmaker’s market value to more than $5 trillion.
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Major US stock indexes hit new records Wednesday afternoon ahead of the Federal Reserve’s interest rate decision.
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Nvidia became the first company to reach a market capitalization of $5 trillion, as its shares rose to new highs.
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Fiserv shares plunged after the financial technology company posted weaker-than-expected results and announced executive changes.
Major US stock indexes extended their record streak on Wednesday afternoon ahead of the Federal Reserve’s expected decision to cut interest rates. The Dow, S&P 500 and Nasdaq rose to all-time highs.
Nvidia, the favorite of AI investors (NVDA) helped push the indices higher after an event that highlighted a flurry of partnerships. Shares rose to a new high that lifted the chipmaker’s market capitalization above $5 trillion, making it the first company to reach that milestone.
Caterpillar (CAT) shares rose to an all-time high as sales of AI power generation equipment helped the big machine maker beat earnings and revenue estimates.
Teradino (TER) shares also took off after the semiconductor and robotics company posted better-than-expected results and offered an optimistic outlook as it benefited from AI demand.
Fiserv (FI) was the worst-performing stock in the S&P 500 after the financial technology provider missed earnings and sales estimates, cut its outlook and shook up its executive team.
Etsy Stock (ETSY) plummeted 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 that current quarter results could be affected by price pressures, bird flu and a fire at a peanut butter production plant.
Oil and gold futures advanced. The 10-year Treasury yield was little changed. The US dollar rose against the euro and the pound, but lost ground against the yen. Prices of most major cryptocurrencies were lower.
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