Nvidia hits $4 trn market cap; first company ever to reach the milestone

By Rita Nazareth

 

A rally in the world’s largest technology companies spurred a rebound in stocks, with Nvidia Corp. hitting $4 trillion - the first company in history to achieve that milestone. Treasuries held steady ahead of a $39 billion sale of bonds and minutes from last month’s Federal Reserve meeting. 

Equity traders brushed off tariff angst to send the S&P 500 closer to its all-time highs. A measure of megacaps climbed about 1.5 per cent, with the giant chipmaker extending this year’s surge to more than 20 per cent. Microsoft Corp. advanced on an analyst upgrade. Apple Inc. underperformed as White House trade counselor Peter Navarro told Fox Business the iPhone maker thinks it is “too big to tariff. 

 

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“We believe the setup for equity markets looks bullish, even in light of renewed trade-war jitters,” said Craig Johnson at Piper Sandler. “While equities may come under some near-term pressure, investors are increasingly becoming numb to the tariff headlines and instead focusing on the trendlines.” 

Just a day after President Donald Trump escalated his trade rhetoric, investors awaited tariff announcements for a number of countries. He foreshadowed an update to the trade status of at least seven nations to be released Wednesday morning, Washington time, with more to come in the afternoon. 

Treasury 10-year yields were little changed before Wednesday’s sale of the maturity, the second in a trio of auctions that will culminate in an offer of longer-term debt. The dollar wavered. 

“Our sense is, although investors are likely increasingly fatigued over tariff news flow, as markets hover around overbought levels any whiff of bad news could place downward pressure on stocks over the very near-term,” said Chris Senyek at Wolfe Research. “To that end, we continue to remain defensively positioned while favoring particular cyclicals/secular growth groups.” 

Senyek says that even though we’ve yet to see the full impact of the Trump Administration’s tariff policy work its way into prices, leading price indicators have risen sharply on the goods and services side of the economy.  

“As a reminder, we see stickier inflation as the biggest risk for stocks in the back half of 2025,” he said. “Our sense is a rise in price pressures could keep the Fed holding rates steady over the remainder of the year as the labor market continues to remain in a solid balance.”    (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)