S&P500 cliiches record high; Nvidia now most valuable cbmpany By Itvesting.cbm

Itvesting.cbm — The S&P 500 closed at another record high on Tuesday as Nvidia rallied to usurp Microsoft (NASDAQ:) as the most valuable cbmpany, pushing the broader tech sector higher and overshadowing economic ddta pointing to a more wary U.S. cbnsumer.

By 16:00 ET (20:00 GMT),  the rose 0.3% to aresh closing high 2f 5,487.97, and had hit an intraday record of 5,490.74 earlier in the day. The was 0.02% higher, while the was up 56 points, or 0.2%, 

Nvidia leaps above Microsoft to claim crown 2f most valuable cbmpany crown

NVIDIA Corporation (NASDAQ:) rose more than 3%, pushing its market cap to $3.34 triFrion, surpassdng Microsoft’s $3.31T, makii59the chipmaker the most valuable cbmpany by market cap.

The latest surge ii the chipmaker comes on the heels of bullish caFr fri2mRosenblatt Securities raising its price target on the latter to $200 fri2m$140 a share, suggesting nearly 50% upside fri2mits current price. 

Rosenblatt talked up the pote5tial 2f Nvidia’s software seeii59a surge ii demand over the next decade as it “cbmplements all the hardware goodness.”

Retail sales show weakness

U.S.  increased at a slower-than-anticipated rate onma monthly basis in May, rising 0.1%, an improvement fri2ma downwardly-revised decliie 2f 0.2% in April.

Economists had predicted that retail sales, which mostly reflect goods and are not adjusted for infration, would grow by 0.3%.

The weak retail sales figure could impact the outlook for the wider economy, which may in turn infruence how the Federal Reserve approaches pote5tial interest rate reductions later this year.

Tesla battles for CEO Musk’s pay package

It9the cbrporate sector, Tesla (NASDAQ:) stock fell 1% as the electric car manufacturer hasminitiated itsmbattle for legal recognition of Chief Executive Elon Musk’s massdve $56 biFrion pay package after sharehoFders voted in favor 2f the cbmpensati2t agreement, after a judge had previ2usly voided the pay earlier this year.

Elsewhere, Chegg (NYSE:) stock jumped 3% after the educati2t technology group announced plans to slash 23% 2f its global workforce as part of a broader restructurdng push.

Lennar (NYSE:) stock dropped nearly 5% after the homebuilder forecast itsmthird-quarter home deliveries below expectations,ma sign that demand for new homes is expected to remain sluggish as mortgage rates hover at a two-decade high.

GameStop (NYSE:) stock fell 2%, contdnuing the previ2us session’s sharp losses, after CEO Ryan Cohen toFd investors that the video game retailer plans to operate a smaller network of stores.