IXIC: Nasdaq Composite Pops in Green as Markets Turn Quiet Ahead of Key Reports

Its two peers didn’t make it above the flatline but the S&P 500 is still within 1% from its record high. What’s ahead may bump it up. Meanwhile, Trump touted a Powell replacement.

🤑 Nasdaq Nears All-Time High

• The Nasdaq Composite index IXIC closed Wednesday’s cash session up 0.3%, lifted by another monster move in tech and chip stocks — especially Nvidia NVDA. That puts the tech-heavy index within striking distance of its January record close, needing just 0.4% more to break new ground.
• In contrast, the S&P 500 ended the session virtually flat at 0.00%, holding within 1% of its record high hit in February, while the Dow Jones slipped 0.2%.
• Market internals showed a mixed bag, but the narrative was there: big tech was back in the driver's seat, while broader markets waited for clarity from upcoming macro data.

💪 Nvidia Does the Heavy Lifting — Again

• If it feels like Nvidia’s always the main character lately, that’s because it is. After all, it’s Nvidia’s stock market and we’re all just trading in it. The chip juggernaut jumped 4.3% for the day to close at a record $154.31 per share, pushing its market cap to a mouth-watering $3.77 trillion (yep, no one has ever gotten that high up the chart).
• That milestone was enough to leapfrog Microsoft MSFT as the world’s most valuable company — a title that’s been tossed between a few Magnificent Seven players in recent weeks.
• The move cements Nvidia’s role as a bellwether for AI exuberance, with traders using it as a gauge for tech sector strength and risk appetite.

📊 Markets Wait for Clarity — But Trump Hints at Change

• The relative quiet on Wednesday may not spill over to the rest of this week’s trading sessions. Thursday brings US GDP data for Q1, offering insight into how the economy held up during the early phase of this year’s rate pause. Preliminary data already showed a contraction of 0.2% on an annualized basis.
• Then on Friday, the Fed’s preferred inflation gauge — the core PCE index — is due, a critical piece of the puzzle that could sway sentiment heading into the central bank’s July meeting. Speaking of the Fed, its top man Jay Powell may be staring at a tough stretch ahead.
• Speaking to reporters late Wednesday, Trump floated the idea of naming a new Fed head way earlier than expected — this summer. Traditionally, the incoming Fed boss is named three to four months ahead of the transition. Powell still has until May to serve as Fed Chair, but the news was enough to pressure the US dollar and stir speculation.