US stock indices closed higher on Thursday, with all three major benchmarks extending their weekly gains. The S&P 500 rose 0.5% last night, reaching a new all-time closing high after also hitting an intraday record.
The NASDAQ Composite advanced 0.8%, also closing at a new record level, while the Dow Jones Industrial Average climbed 0.5%, and is currently just 0.9% below its own all-time closing high from December last year.
The small-cap Russell 2000 ended 1.2% higher and is now less than 8% below its own all-time closing high from last November.
The tech sector remains firmly in the driver’s seat. Nvidia continued its sharp upward trajectory, cementing its position as the world’s most valuable company by market capitalisation at over $4 trillion.
The stock climbed again on Thursday and is now heading towards $174 per share. Back in April it fell to $86 following President Trump’s initial announcement of reciprocal tariffs. Analysts have upwardly revised their price targets, and chatter of a $5 trillion valuation continues to gain traction.
Chart-wise, Nvidia does appear to be quite overbought when considering the daily MACD. It has also had an incredible move off the April low. But shorting this stock has been a costly move for many investors. No doubt there will come a time when Nvidia gives back a significant proportion of its gains. But for now there’s no sign that the stock is topping.
Source: TN Trader
