As investors anticipated crucial testimony from Federal Reserve Chair Jerome Powell, the S&P 500 surged to a new high on Tuesday.
Reaching an all-time high, the broad market index increased by 0.2%. In addition, the Nasdaq Composite set a record and recently increased by 0.3%. The Dow Jones Industrial Average dropped 0.2%, or 54 points, behind.
Shares of Nvidia increased by 2% after KeyBanc raised its price target for the chipmaker to $180, which indicates a 40% increase from Monday’s closing.
1% was gained by the VanEck Semiconductor ETF (SMH). About the S&P 500’s recent record high, Pernas Research co-founder Deiya Pernas stated, “The rest of the market has significantly lagged, while the S&P 500 has been driven by a narrow range of tech leaders leveraged to AI tailwinds.”
“Considering the excitement about artificial intelligence, and we anticipate that this trend will remain in the short to medium term.
Source (CNBC)
