On Thursday morning, Nvidia (NVDA) rallied on strong volume and momentum to an intraday high of $140.89. By the end of the day, NVDA stock gained 0.89% at a perfect $3.33 trillion market capitalization. Momentum traders will need more buying power if they want to surpass Apple’s (AAPL) $3.52 trillion market cap.
Nvidia has a good chance of taking the biggest company title. Berkshire Hathaway (BRK-B) managed down its position in Apple by selling a large stake. Apple’s latest iPad refresh and iPhone 16 launch are unlikely to lead to sustainable growth momentum.
The Dow Jones Industrial Average continued its march higher. The index closed yesterday at its fourth record close out of five sessions. Traders are bullish after the U.S. consumer report. Retail sales rose by 0.4% in September. Online sales grew by 0.4%, grocery store sales increased by 1.0%, and general merchandise store sales rose by 0.5%.
Bond markets reacted negatively to the report. Although the odds increase on the Fed to cut rates by 25 bps, the 20+ Year Treasury Bond ETF (TLT) lost 1.58%. The ETF closed at $93.80 and is well below its $101.64 high for the year.
Investors may take advantage of the weak bond market. Rates will continue to fall, lifting the value of government debt.
