- Reuters
Analysis-Nvidia's stunning gains increasingly power Wall Street's record run
A rally that has propelled U.S. equities to record highs increasingly rests on red-hot chipmaker Nvidia and a handful of other giant stocks, reviving concerns that the market’s performance has become tied to a cluster of companies. About 60% of the S&P 500’s total return of more than 12% for the year has been driven by five companies whose shares have some of the heaviest weightings in the index: Nvidia, Microsoft, Meta Platforms, Alphabet and Amazon.com, data from S&P Dow Jones Indices showed. Nvidia - which on Wednesday became the world’s second-most valuable company following a 147% run this year - has alone accounted for about a third of the index’s gain.
- Reuters
US regulators to open antitrust inquiries of Microsoft, OpenAI and Nvidia, NYT reports
Under the deal, the U.S. Department of Justice will take the lead in investigating whether Nvidia violated antitrust laws, while the FTC will examine the conduct of OpenAI and Microsoft, the report said. While OpenAI's parent is a nonprofit, Microsoft has invested $13 billion in a for-profit subsidiary, for what would be a 49% stake.
- Reuters
Morning Bid: It's time for E-C-B
After the Bank of Canada became the first G7 country to cut interest rates, the stage is set for the European Central Bank to lower rates too. While ECB policymakers clearly telegraphed their intention to lower borrowing costs in June, moving well ahead of the U.S. Federal Reserve, the path beyond has become uncertain. That has brought the focus squarely on what Lagarde will say once the ECB delivers the widely expected rate cut on Thursday.
