S&P 500 hits record high amid Nvidia surge

The S&P 500 set a new record on Tuesday, overcoming a lacklustre consumer confidence report, buoyed by a significant rise in Nvidia shares.

The broad market index increased by 0.25 per cent, closing at 5,732.93, while the Dow Jones Industrial Average gained 83.57 points, or 0.20 per cent, to finish at 42,208.22. Both indices reached intraday all-time highs and closed at record levels. The Nasdaq Composite also climbed 0.56 per cent, ending at 18,074.52.

Turning to US sectors, six of the 11 S&P 500 sectors trended downwards overnight, with Financials recorded the biggest losses. Materials was the best performer, closing higher by 1.35 per cent.

Nvidia shares jumped nearly 4 per cent following a regulatory filing showing that CEO Jensen Huang had concluded his stock sales. The rally in the AI-focused chipmaker helped support the broader market.

Visa shares fell 5.5 per cent as the company faced regulatory pressure. The Justice Department's antitrust division filed a lawsuit in Manhattan federal court, accusing Visa of illegally monopolising the U.S. debit card market.

Metal prices surged after China, the world's second-largest economy, announced its largest stimulus package since the pandemic to combat deflation. Iron ore posted its biggest daily increase in over a year, rising 4 per cent on the Dalian spot market. Copper rose 2.2 per cent, and aluminium increased 2.4 per cent on the London Metal Exchange.

Mining companies benefited from these gains, with Freeport-McMoRan advancing 7.9 per cent, Southern Copper up 6.5 per cent, Albemarle rising 3 per cent, and Arcadium climbing 3.8 per cent.

Meanwhile, consumer confidence for September experienced its sharpest one-month decline in more than three years, dropping to 98.7, below the 104 economists had forecast in a Dow Jones poll. This came after JPMorgan Chase CEO Jamie Dimon voiced concerns about escalating geopolitical risks and their potential effects on the global economy.

For the month, the major indexes are on track for healthy gains. The Dow has risen 1.6 per cent in September, the S&P 500 is up 1.5 per cent, and the Nasdaq is heading for a 2 per cent increase, driven by optimism that Federal Reserve rate cuts will stimulate economic growth and boost corporate earnings.

Futures

The SPI futures are pointing to a 0.3 per cent gain.

Currency

One Australian dollar at 7.40am was buying 68.93 US cents.

Commodities

Gold added 0.92 per cent. Silver gained 4.33 per cent. Copper rose 3.31 per cent. Oil added 1.69 per cent.

Figures around the globe

European markets closed higher. London’s FTSE added 0.28 per cent, Frankfurt gained 0.80 per cent, and Paris closed 1.28 per cent higher.

Turning to Asian markets, Tokyo’s Nikkei added 0.57 per cent, Hong Kong’s Hang Seng gained 4.13 per cent, while China’s Shanghai Composite closed 4.15 per cent higher.

Yesterday, the Australian share market closed 0.13 per cent lower at 8142.

Ex-dividends
Genesis Energy Ltd (ASX:GNE) is paying 6.37 cents unfranked
H&G High Conviction Ltd (ASX:HCF) is paying 2 cents fully franked
Teaminvest Private Group (ASX:TIP) is paying 1.5 cents fully franked
Imdex Limited (ASX:IMD) is paying 1.3 cents fully franked
Cedar Woods Properties Limited (ASX:CWP) is paying 17 cents fully franked
Stealth Grp Holding (ASX:SGI) is paying 0.84 cents fully franked
Nick Scali Limited (ASX:NCK) is paying 33 cents fully franked

Dividends payable
Aurizon Holdings Ltd (ASX:AZJ)
Coles Group Ltd (ASX:COL)
Domino's Pizza Enterprises Ltd (ASX:DMP)
EQT Holdings Ltd (ASX:EQT)
NZME Ltd (ASX:NZM)
Regis Healthcare Ltd (ASX:REG)
Santos Ltd (ASX:STO)
SG Fleet Group Ltd (ASX:SGF)
Suncorp Group Ltd (ASX:SUN)
The Lottery Corp Ltd (ASX:TLC)
Viva Energy Group Ltd (ASX:VEA)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap, Marketech.

Disclaimer

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