Stock market today: Nvidia pushes Nasdaq, S&P 500 to record highs

AP Photo/Jason DeCrow

• The S&P 500 index and Nasdaq closed at record highs, driven by a 2% gain in Nvidia.

• UBS raised Nvidia's price target to $150 due to strong demand for its chips and a reasonable valuation.

• Investors are awaiting June's CPI inflation report Thursday and comments from Fed Chairman Jerome Powell.

The S&P 500 index and Nasdaq closed at record highs on Monday, driven by a nearly 2% gain in Nvidia stock.

The AI darling rose after UBS raised its price target to $150 per share in a Monday note. The bank said recent supply-chain checks showed strong demand for Nvidia's next-generation Blackwell chips.

Investors will look to comments from the Federal Reserve's chairman, Jerome Powell, as he testifies to Congress on Tuesday and Wednesday, a key inflation report, and the start of the second-quarter earnings season later this week to see if the gains can continue.

Perhaps the most important event of the week is the Thursday release of the June CPI report, which is expected to register a year-over-year gain of 3.1%, according to estimates from economists.

The inflation report, combined with the June Producer Price Index set to be released Friday, will help inform investors and the Fed as to when interest-rate cuts might occur.

Jeremy Siegel, a professor at the Wharton School, believes the Fed's September FOMC meeting is when the central bank will begin to cut rates.

Here's where US indexes stood at the 4 p.m. closing bell on Monday:

• S&P 500: 5,572.85, up 0.1%

• Dow Jones Industrial Average: 39,344.79, down 0.1% (31 points)

• Nasdaq composite: 18,403.74, up 0.3%

Here's what else happened today:

• Morgan Stanley's Mike Wilson said a 10% stock market correction between now and the November election is highly likely.

• A short-seller who helped wipe out $153 billion in market value from Adani Group made just $4 million from the bearish trade.

• Jamaica can't tap into catastrophe-bond funds despite Hurricane Beryl's devastation because of air pressure levels.

• BCA Research expects the stock market to crash 32% in 2025 as the Federal Reserve fails to prevent a recession.

• Companies are going bankrupt at the fastest pace since the pandemic, according to S&P Global.

• Apple stock has 17% upside as its iPhones serve as the gatekeeper to the AI revolution for most consumers, according to Wedbush.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil dropped 1.14% to $82.21 a barrel. Brent crude, the international benchmark, was lower by 1.03% to $85.65 a barrel.

• Gold edged lower by 1.36% to $2,365.20 per ounce.

• The 10-year Treasury yield was lower by one basis point to 4.28%.

• Bitcoin jumped 0.95% to $56,400.

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