S&P 500 Moves Above 5,500; Nasdaq Nabs Record High – Schaeffer’s Investment Research

S&P 500 Moves Above 5,500; Nasdaq Nabs Record High – Schaeffer’s Investment Research

Nvidia surpassed Microsoft as the world’s most valuable public company

Wall Street is higher this afternoon, as investors continue to unpack this morning’s flood of economic data. The S&P 500 Index (SPX) briefly topped the 5,500 level for the first time ever following Nvidia’s (NVDA) historic rise to the most valuable publicly traded company. The tech-laden Nasdaq Composite Index (IXIC) also nabbed a new record high, while the Dow Jones Industrial Average (DJI) is pacing for its third-straight win. 

Continue reading for more on today’s market, including:

  • U.K. probe injects volatility into tech stock.
  • Semiconductor stock surges on deal with xAI.
  • Plus, Piper Sandler’s top pick; ACN brushes off quarterly miss; and Enphase Energy’s pending litigation. 

Midday Market Stats June 202024

Advanced Micro Devices, Inc. (NASDAQ:AMD) is catching the attention of options traders after Piper Sandler called the chipmaker a top pick among large caps. The firm noted “bright prospects” heading into the latter half of 2024. So far today, 582,000 calls and 228,000 puts have traded hands, volume that is triple the average intraday amount. Positions are being bought to open at the 13 most popular contracts, led by the June 165 call. In the last 12 months, AMD added 47.2%.

Despite a fiscal third-quarter earnings and revenue miss, the shares of Accenture Plc (NYSE:ACN) are higher. The equity was last seen up 6.3% to trade at $303.47, getting a boost after the company issued an upbeat revenue growth forecast thanks to artificial intelligence (AI) adoption. ACN is bouncing from 12-month lows, though it is still down 13% in 2024.

ACN Chart June 182024

Enphase Energy Inc (NASDAQ:ENPH) is under fire today, amid a class action lawsuit seeking to reimburse shareholders that purchased stock between Feb. 7 and April 25 2023. Plus. J.P. Morgan Securities cut its price objective to $124 from $128. ENPH was last seen 7% lower to trade at $110.64, and is it 34.3% lower in the last 12 months. 

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