Wall Street continued its remarkable recovery yesterday, with NVIDIA (NASDAQ : NVDA) leading the charge, as the semiconductor business secured a record closing price of US$147.90, marking a sizeable 4% gain that helped propel broader markets higher.
NVIDIA's record performance underscores its AI dominance, recovering from its $86.62 low - though remaining below its $153.13 peak.
Still, that $147.90 closing price sees the tech giant again replacing Microsoft as the world's most valuable company.
The S&P 500 closed flat at 6,092 points on Wednesday after climbing 2.1% across the previous two trading sessions, leaving the benchmark index just 0.85% below its all-time high - a remarkable turnaround for a market that was flirting with bear market territory just two months ago.
A mixed performance characterised the broader markets, with the Dow Jones Industrial declining 107 points as the tech-heavy Nasdaq gained 0.31%.
Started from the bottom now we're here
The current positioning represents a stunning reversal of fortune.
The S&P 500 had tumbled sharply into correction territory before flirting with a bear market in April, following United States President Donald Trump's tariff policy unveiling on what he coined "Liberation Day”.
The index hit its lowest point on 8 April - down a whopping 18.9% from its February record high and shedding $9.8 trillion in market value.
After Trump proceeded to walk back his "reciprocal" tariffs later that month the S&P started a sharp rally, with May delivering a 6.15% gain - the best monthly performance since November 2023.
June so far has continued that momentum with a 3% advance, recovering trillions in market value.
Takeaways
U.S. Federal Reserve Chair Jerome Powell's congressional testimony provided measured market support.
Powell reiterated that the central bank is well-positioned to wait before cutting rates until tariff effects are better understood.
The fragile Israel-Iran ceasefire has provided welcome relief, with Trump declaring victory despite questions over Iran's uranium enrichment damage.
With Wall Street consensus pointing to continued upside, the stage appears set for potential new highs as traders eye June's final sessions.
