Traders
on
the
floor
of
the
NYSE,
May
11,
2023.
Source:
NYSE
S&P
500
futures
were
little
changed
on
Wednesday
as
investors
look
for
the
benchmark
to
add
to
its
latest
record
high.
Futures
tied
to
the
broad
market
index
added
0.04%,
while
Nasdaq
100
futures
advanced
0.1%.
Dow
Jones
Industrial
Average
futures
pulled
back
0.1%.
Stocks
are
headed
for
a
winning
week
after
the
S&P
500
reached
a
fresh
record
on
Tuesday,
alongside
the
Nasdaq
Composite.
The
stock
market
was
closed
Wednesday
for
the
Juneteenth
holiday.
Nvidia
led
the
charge
higher
as
the
artificial
intelligence
darling
and
chipmaker
surpassed
Microsoft
to
become
the
most
valuable
company
in
the
world.
Nvidia
stock
has
climbed
174%
in
2024,
as
the
AI
boom
continues
to
boost
equities.
Nvidia
stock
has
climbed
174%
in
2024.
Nvidia
already
surpassed
Apple
by
market
cap
earlier
in
June,
and
has
cemented
its
place
as
the
de
facto
market
leader
at
the
helm
of
the
roaring
AI
theme
on
Wall
Street.
Investors
continue
to
pile
into
AI
heavyweights
even
as
consumers
show
slowing
signs
of
spending
and
signaling
potential
economic
weakness.
The
rise
of
Nvidia
has
spilled
over
to
peer
chipmaker
Broadcom,
which
has
surged
more
than
61%
in
2024.
“Is
it
any
surprise
that
we
continue
to
argue
that
Wall
Street
(i.e.,
SP
500)
is
beating
to
a
different
drum
than
is
Main
Street
(underlying
US
economy)?”
Citi
head
of
U.S.
equity
strategy
Scott
Chronert
wrote
in
a
Tuesday
note.
“No
doubt,
the
generative
AI
influence
as
an
ongoing
incremental
growth
driver
is
permeating
the
US
equity
environment
right
now.”
Still,
some
commentators
have
noted
concern
over
a
lack
of
market
breadth
outside
the
largest
technology
companies
that
could
worsen,
although
the
dour
sentiment
has
yet
to
fully
influence
stocks
that
have
continued
to
break
records.
“[The
AI
theme]
has
a
very
2000-2001’esque
feel,
but
as
we
know
the
market
can
stay
irrational
longer
than
you
can
stay
solvent,”
said
Thomas
Fitzpatrick,
managing
director
at
R.J.
O’Brien
and
Associates.
“A
day
of
reckoning
will
come
but
[it’s]
hard
to
stand
in
the
way
of
a
speeding
train.”
Investors
will
also
parse
fresh
economic
data
in
the
second
half
of
the
week,
including
initial
jobless
claims
figures
and
housing
starts
data
on
Thursday
morning.
