Proactive Investors -
9:43am: Wall Street rally continues as Nvidia targets US$2 trillion
Wall Street has opened higher on Friday, keeping going the good fortunes brought along by Nvidia's record gains.
The Dow Jones is trading around 120 points higher at around 39,200, while the S&P 500 is up 20 points to 5,100.
The Nasdaq Composite lifted around 75 points higher to over 16,100.
Nvidia is still defying expectations as its shares opened 4% higher, building on the US$270 billion added on Thursday.
The gains mean it's on track to become the first chip maker to have a US$2 trillion valuation
This week’s #chartoftheweek looks at Nvidia’s performance relative to the S&P and the Magnificent 7 this year, after their knockout earnings release this week.NVDA reported record revenue growth after the bell on Wednesday – with FY24 revenue coming in up 126% Y/Y. The stock… pic.twitter.com/jbHiAbO6ZD
— FactSet (@FactSet) February 23, 2024
$NVDA shareholders celebrating as they cross $2T in market cap pic.twitter.com/VKHSI8TBXX— Ticker History ???? (@TickerHistory) February 23, 2024
8:00am: Wall Street to feel hangover after Nvidia's historic session
Wall Street is set to open around slightly higher on Friday, building on Thursday's record gains from Nvidia, which saw all US indices close at record highs.
The Dow Jones is set to open around 60 points higher at around 39,100, while the S&P 500 is looking to begin trading 4 points higher at around 5,100.
The Nasdaq is expected to slide around 3 points at around 18,000 when markets open.
Nvidia added US$270 billion on Thursday, the largest single-session value gain in market history and Friday is expected to see the rally continue with pre-market trading pushing the AI chipmaker up around 2%.
Over in the UK, Polar Capital Technology Trust hit a new all-time high and other investment trusts including Scottish Mortgage Investment Trust PLC and Manchester & London Investment Trust plc enjoyed strong gains on Thursday after Nvidia's blowout results overnight.
The pair are two of the 13 London-listed investment trusts that have large holdings in the US semiconductor giant.