The S&P 500 briefly crossed 5,500 for the first time Thursday, June 20, 2024 as Nvidia shares gained amid enthusiasm for developments related to artificial intelligence.
Shares of Dell and Super Micro Computer rose after Elon Musk said the firms will be be suppliers for his xAI artificial intelligence startup.
Accenture shares jumped after the company reported third-quarter profit that beat estimates as its AI-related bookings surged.
The S&P 500 briefly
crossed 5,500 for the first time
Thursday before edging lower, as
Nvidia (NVDA) shares rose
amid enthusiasm for developments related to
artificial intelligence (AI)
. The Dow climbed, while the Nasdaq lost ground.
Dell Technologies (
DELL
) and Super Micro Computer (
SMCI
) shares gained after
Elon Musk
said the two tech firms would be
providing hardware
for his xAI startup. Dell CEO Michael Dell also noted that Dell would be teaming with Nvidia on the project.
Accenture (
ACN
) shares jumped after the company
reported third-quarter profit
that beat estimates as its AI-related bookings surged.
Darden Restaurants (
DRI
) shares advanced after the restaurant chain posted
better-than-expected adjusted profit
as it benefited from the acquisition of Ruth’s Chris Steak House.
Shares of Newmont Corporation (
NEM
) and some of its mining peers gained along with the prices of gold, copper, and other metals.
Kroger (
KR
) shares fell as the big supermarket chain
said
it had paused its
stock buyback
program as it works to get approval for its planned $24.6 billion purchase of rival Albertsons (
ACI
).
Shares of Jabil (
JBL
) tumbled as the maker of electronic equipment warned of “softness” in several of its markets. Apple (
AAPL
) shares also lost ground, with the iPhone maker’s purchases representing a large portion of Jabil’s revenue.
Oil futures and the yield on the 10-year Treasury note rose. The U.S. dollar was up on the euro, pound, and yen. Prices of Bitcoin, Ethereum, and other major cryptocurrencies edged lower.
