Thursday, November 7, 2024

Nvidia Closes in on Apple: Is the Tech Giant About to Take the Crown?

Newsis

The New York Stock Exchange closed mixed on Monday.

The Dow Jones Industrial Average and the Standard & Poor’s 500 ended their record-setting streaks. In contrast, the Nasdaq climbed higher, coming closer to a new all-time high.

Meanwhile, Nvidia surged over 4% this day, closely chasing Apple in market capitalization.

Overview

The Dow, composed of 30 large-cap stocks, and the S&P 500, which represents a broad range of large-cap and tech stocks, both declined, temporarily halting their record runs. The Dow fell by 344.31 points (0.80%) to close at 42,931.60, while the S&P 500 dropped 10.69 points (0.18%) to finish at 5,853.98. The Russell 2000, which consists of 2,000 small-cap stocks, slid 36.38 points (1.60%) to end at 2,239.71. In contrast, the tech-heavy Nasdaq rose by 50.45 points (0.27%) to close at 18,540.01.

Nvidia Chases Apple

All M7 big tech stocks except for Tesla and Meta Platforms saw gains.

In particular, Nvidia rose for four consecutive days, continuing its record-setting streak for two days since the previous weekend. Nvidia’s stock soared by $5.71 (4.14%) to reach $143.71, marking a 9.2% surge over the last four trading days.

As a result, Nvidia’s market capitalization has nearly caught up to Apple, the largest company in market capitalization. Nvidia’s market cap stood at $3.53 trillion, just $70 billion shy of Apple’s $3.6 trillion. The gap has narrowed enough that it could flip at any moment.

Microsoft, which ranks third in market capitalization, stood at $3.11 trillion, widening the distance from Apple and Nvidia.

Apple closed up $1.48 (0.63%) at $236.48, while Microsoft rose by $0.62 (0.15%) to $418.78. Alphabet climbed by $0.65 (0.40%) to $164.07, and Amazon finished slightly higher at $189.07, up $0.08 (0.04%).

On the other hand, Meta fell by $1.31 (0.23%) to $575.16, and Tesla dropped $1.85 (0.84%) to close at $218.85.

Tesla has now seen declines for three consecutive days since the 17th, but the overall drop has been modest, totaling just 1.12%. Tesla’s upcoming quarterly earnings report, set to be released after the market closes on the 23rd, is expected to influence the stock’s future performance.

International Oil Prices Soar Nearly 2%

International oil prices rebounded after a sharp drop the previous day.

Prices had plummeted due to expectations of a ceasefire between Israel and Hamas over the weekend. Still, they surged again as expectations weakened following a drone attack on Israeli Prime Minister Benjamin Netanyahu’s private residence on the 19th.

Brent crude, the international benchmark, rose by $1.23 (1.68%) to close at $74.29 per barrel.

Meanwhile, West Texas Intermediate (WTI), the U.S. benchmark, increased by $1.34 (1.94%) to $70.56 per barrel.

Hot this week

Japan Rejects UN Call for Female Succession: What’s Next for the Imperial Family?

The Japanese government has effectively rejected the United Nations' recommendation to allow women to succeed to the throne.

Netanyahu Shakes Up Israel’s Leadership: Defense Minister Ousted Amid War Tensions

Netanyahu dismissed Defense Minister Yoav Gallant amid war strategy disagreements, appointing Israel Katz as his successor.

Vietnamese Workers in South Korea: The Best-Paid Expats

A recent study by the Vietnamese government has revealed that Vietnamese workers in South Korea earn the most among their overseas laborers.

North Korea Fires Ballistic Missile Amid U.S. Election Tensions

North Korea launched a ballistic missile into the East Sea, responding to joint drills by the U.S., South Korea, and Japan.

Is Elon Musk’s $1 Million Prize a Bribe in Disguise? Legal Battle Heats Up

Tesla CEO Elon Musk is allowed to continue a daily $1 million giveaway event until election day, November 5.

Topics

Japan Rejects UN Call for Female Succession: What’s Next for the Imperial Family?

The Japanese government has effectively rejected the United Nations' recommendation to allow women to succeed to the throne.

Netanyahu Shakes Up Israel’s Leadership: Defense Minister Ousted Amid War Tensions

Netanyahu dismissed Defense Minister Yoav Gallant amid war strategy disagreements, appointing Israel Katz as his successor.

Vietnamese Workers in South Korea: The Best-Paid Expats

A recent study by the Vietnamese government has revealed that Vietnamese workers in South Korea earn the most among their overseas laborers.

North Korea Fires Ballistic Missile Amid U.S. Election Tensions

North Korea launched a ballistic missile into the East Sea, responding to joint drills by the U.S., South Korea, and Japan.

Is Elon Musk’s $1 Million Prize a Bribe in Disguise? Legal Battle Heats Up

Tesla CEO Elon Musk is allowed to continue a daily $1 million giveaway event until election day, November 5.

North Korea Sends 10,000 Troops to Russia: What Does This Mean for Ukraine?

The U.S. State Department confirmed 10,000 North Korean troops are in Kursk, Russia, likely to engage in combat against Ukraine.

Giant Steps: First Exploratory Drill for South Korea’s ‘Whale’ Gas Field Set to Begin

The Korea National Oil Corporation plans exploratory drilling in the East Sea's Blue Whale gas field, starting mid-December.

Spain’s Flood Crisis: Angry Citizens Throw Mud at the King

In Spain, King Felipe VI and Queen Letizia faced anger from flood victims, who insulted and threw mud at them during a visit.

Related Articles