Nvidia Corp. (NASDAQ:NVDA) rallied for the sixth straight session to above $226 per share, with the company’s market cap soaring above $5.5 trillion ahead of next week’s highly awaited earnings report.
Speaking via Truth Social shortly before landing in Beijing, Trump told followers the trip, joined by Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, Apple Inc. (NASDAQ:AAPL) CEO Tim Cook and a last-minute addition of Nvidia CEO Jensen Huang, was aimed at “fixing the broken deal” with China while also pressing Xi to help “end the Iran problem.”
On the macro front, April wholesale prices jumped 1.4% month-over-month, nearly triple the 0.5% consensus, and headline PPI surged to 6% year-over-year against expectations of 4.8%, the hottest print in over three years.
Core PPI rose 1.0% versus 0.4% estimates, underscoring that Iran-war-driven energy inflation is now bleeding into broader pipeline pricing.
Rate traders quickly revised Fed policy path, with fed funds futures now pricing a hike more likely than a hold by year end.
Across U.S. equity markets by midday Wednesday, the tape was a classic split, large-cap growth higher, rate-sensitive cyclicals and small caps lower.
The S&P 500 rose 0.5% to 7,437.67 while the Dow Jones Industrial Average slipped 0.4% to 49,571, dragged by 189 points of weakness in its bank and industrial components.
The Nasdaq 100 outperformed with a 0.7% gain to 29,265.56, leaning on a strong semis and clean-energy bid alongside Nvidia’s continued march. The Russell 2000 slipped 0.1% to 2,839.74.
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