A record day on Wall Street: MAG7 stocks added over $500BN today to a new record high, second only to 11/10/22's explosion higher driven by AAPL...
And all that market cap gain was driven by a $2.1BN 'guide-up' on nvidia Q1 revenue... $NVDA stock is up +$277BN today, adding the most market cap in a single-day ever - up $277BN...That is 2 Goldmans, half a JPMorgan, or a whole Netflix or Adobe added in a day...And as goes NVDA, so goes the entire stock market with Nasdaq leading the charge (up 3%) and the S&P up over 2%. Small Caps lagged with a mere 0.75% gain... Source: www.zerohedge.com
S&P, NASDAQ 100 & DJIA closed at RECORD HIGH
Source: Bloomberg
Are Mag7 stocks in a bubble?
No doubt, in some ways they are really pricey BUT as shown by this work from Sonus Varghese on this important question, fundamentals justify to some extent their dominance. Since 2021, NVDA stock is up 130%, yet earnings are up 231%. And other Mag 7 names are similar... Source: Carson, Ryan Detrick
The chart is a log graph of $1 invested in the S&P 500 in the year 1950 by Personal Finance Club.
They listed all of the market crashes that were 15% or more. They removed the Y-axis, but it shows $1 growing to over $1,000! Note that there were many -10% corrections over the period but that only -15% and worse are listed below
Nvidia, $NVDA, has added nearly $250 billion in market cap so far today.
This puts the stock on track to post the biggest single-day market cap gain in stock market history. The previous record? It was Meta, $META, just 20 days ago after reporting their quarterly earnings. Nvidia is now just 5% away from being the third US company with a $2 trillion+ market cap. Big tech stocks are getting bigger. Source: The Kobeissi Letter, Bloomberg
Top 11 Countries by Gold Reserves
By Visual Capitalist, Win Smart
Nestle Chief Executive Officer Mark Schneider said GLP-1 obesity drugs like Wegovy will probably increase demand for a range of food products that can help avoid nutrient deficiencies...
Source : Bloomberg
European stocks are hitting all-time highs, following Japan!
source : bloomberg
