Wall Street indexes ended the day mixed, pressured by worries about US lawmakers opposed to a debt-limit deal, but supported by another surge in Nvidia shares that briefly lifted the chipmaker into the rare club of companies valued at $1 trillion $NVDA
Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending.
"I would not be surprised if the first vote results in failure and they have to go back again," said Sam Stovall, chief investment strategist at CFRA in New York. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." The chipmaker rose 3.0% to close with a market cap of about $991 billion, just shy of the elite club of six companies valued at $1 trillion or more."Nvidia is the poster child for AI at the moment," said Thomas Hayes, chairman at Great Hill Capital LLC. "If this AI trend is real, the immediate demand is going to be in chips and computing power.rose 1.7% after surging 14.6% the prior two sessions on expectations data centers will benefit from AI computing.
A trader work on the floor of the New York Stock Exchange in New York City, U.S., May 24, 2023. REUTERS/Brendan McDermid
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