Nasdaq Reaches Record High – Nvidia Leads the Way

Written By: Ryan Rinehart

Happy Memorial Day weekend! I love heading into a three-day weekend with good news and today’s stock market certainly delivered that.

Today the Nasdaq closed at a new record high, driven by significant gains in tech stocks. Here’s a breakdown of why we saw a great day in the market, despite concerns that the Federal Reserve will delay interest rate cuts.  

  • Key Drivers:
    • Nvidia: Increased approximately 2.6% on Friday, surpassing $1,000 for the first time, fueled by enthusiasm over its recent blockbuster earnings report. This bullish sentiment on Nvidia and other tech stocks propelled the market higher.
    • Tech Sector: Advanced Micro Devices (AMD) and Intel saw gains of 3.7% and 2.1%, respectively. Meta and Netflix shares also rallied, with increases of 2.7% and 1.7%, respectively. Their performance contributed to Nasdaq’s eleventh record close of the year.

This is all great news for the market, but also Carlson Financial clients. Our “ROOF” portfolio, which is geared towards long term growth, is allocated heavily into the tech sector. We continue to be strong believers in technology stocks. Especially as the AI revolution continues to advance. The recent surge in tech stocks, particularly Nvidia, highlights the sector’s resilience and growth potential. 

However, diversification is still important. The ongoing uncertainty about the Federal Reserve’s rate cuts suggests a need for a cautious approach, which is exactly why we make sure to secure your investment strategy with safety in the “Foundation” of your financial house. 

I wanted to keep todays article short and sweet, so I hope you can head into your Holiday weekend feeling great about the marketing continuing to rise!

Have an awesome Holiday weekend.

Say What?

Woman found living in Michigan grocery store sign, complete with computer and Keurig, for months

The article highlights:

Police say a woman found living inside the rooftop sign of a Family Fare grocery store in Midland, Michigan, had been living there for about a year. Her “living space,” which included a computer, a desk, a printer, a Keurig, and a pantry full of food, was found by contractors working on the roof. It’s still not clear how she was getting access to the rooftop space, but she left without incident and will not be charged.

This week in history

1934 (90 years ago) – President Franklin Roosevelt signed the Securities Exchange Act. This was in response to the 1929 stock market crash which was a major factor in the Great Depression years of the 30’s. Up till that point the New York Stock Exchange (NYSE) had been operating with little or no government control and the creation of the Securities Exchange Commission (SEC) was hoped to restore investor confidence in the market.

1953 – Edmund Hillary and Sherpa Tenzing Norgay became the first explorers to reach the summit of Mount Everest. More than 300 climbers have died attempting to reach the summit over the years. 

1980 – CNN, the first 24-hour news television station, was launched in Atlanta

What did it cost? (Round of golf at Pebble Beach)

1974 – $20

2004 – $380

2024 – $595

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