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Wall Street Sets Third Straight Record as NvidiaOpenAI Alliance Fuels Tech Surge

Optimism centered on Nvidia’s OpenAI pact under a backdrop of the Fed’s first rate cut this year.

Overview

  • The Nasdaq, S&P 500 and Dow closed at fresh highs for a third session, rising 0.70%, 0.44% and 0.14% respectively.
  • Nvidia climbed 3.9%, adding roughly $171 billion in market value to a record ~$4.47 trillion after outlining up to $100 billion for OpenAI data centers targeting at least 10 gigawatts of capacity.
  • Apple advanced 4.3% after Wedbush raised its price target to $310, citing expectations for stronger iPhone upgrades.
  • The recent Fed rate cut supported risk appetite, and investors are watching Jerome Powell’s Tuesday remarks and other Fed speeches for guidance on potential further easing.
  • Focus shifts to key U.S. releases, especially the PCE inflation gauge later this week, while Goldman Sachs lifted its S&P 500 targets to 6,800 by year-end and 7,200 in 12 months.