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Nvidia Surpasses Microsoft as the World's Most Valuable Company

Published 2024/06/19, 08:26

The S&P 500 rose by 0.25% on Tuesday, achieving its second consecutive record close, driven by a sharp increase in Nvidia (NASDAQ:NVDA)'s stock price. The Nasdaq also posted slight gains, securing its seventh consecutive record close, while the Dow increased by 56 points. Nvidia's shares jumped 3.50%, with market capitalization reaching approximately $3.3 trillion (around R60 trillion), making it the most valuable public company - overtaking Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL). Investors were also closely monitoring key economic data and comments from Federal Reserve (Fed) officials to guide the economic outlook and potential policy changes.

European shares pared initial gains to close up by approximately 0.30% on Tuesday, as traders assessed the political unrest in France while keeping a close eye on this week's crucial monetary policy decisions and economic data. Final CPI data for the Eurozone showed that inflation slightly rose to 2.60% in May 2024, while Germany's economic sentiment fell short of expectations.

Asian equity markets were mostly buoyant on Tuesday, following overnight gains on Wall Street, as investors cheered data revealing that Japanese exports in May grew more than anticipated due to a weak yen and strong external demand. However, a private survey indicated a decline in sentiment among large Japanese manufacturers in June, driven by worries over rising material and import costs. Stocks in Australia, Japan, South Korea, and Hong Kong rose, while Chinese stocks fell.

BusinessDay reported that Tuesday saw the rand strengthen, maintaining its strongest gains since May as investors welcomed President Cyril Ramaphosa's re-election. Ramaphosa will be inaugurated today, marking the beginning of the seventh administration since democracy began in 1994. His re-election follows an agreement between the ANC, DA, Patriotic Alliance, IFP, and GOOD to form a government of national unity (GNU), which holds 273 seats, or 68% in the National Assembly. At 18h00, the rand had strengthened 0.95% to R18.07/$, 0.92% to R19.40/€ and 0.90% to R22.98/£. The local bourse also advanced, adding 3.50% to 79 748 points.

Brent crude prices hovered at $85.3 per barrel on Wednesday, the highest level in seven weeks, as growing unrest in Eastern Europe and the Middle East fuelled supply concerns. Trading Economics reported that: “A Ukrainian drone strike caused a fire at an oil terminal at a major port in Russia, while a top Israeli official warned of an impending “all-out war” with Lebanon’s Hezbollah. Oil prices were also supported recently by robust global demand growth forecasts, with OPEC, the IEA and US EIA all predicting solid oil demand growth in the second half of this year. Moreover, key OPEC+ members reaffirmed their adherence to production quotas, while Saudi Arabia indicated a willingness to adjust output in response to market conditions.”

Following a decline in the previous session, gold prices held steady at around $2 330 per ounce on Tuesday as views of impending Fed rate cuts were reinforced by softer-than-expected US retail sales data.

PSG Wealth Daily Investment Update, 19 June 2024

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