- The Daily Rip by Stocktwits
- Posts
- Nvidia Claims #1 Spot
Nvidia Claims #1 Spot
Fisker flatlines as Trump dumps, silver regains its shine, and the stock market gets a new sheriff.
NEWS
Nvidia Claims The World’s #1 Spot
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/88c5f5eb-b74a-4fd8-ac69-f846fa4df7ee/dj_khaled.gif?t=1718751186)
Semiconductor giant Nvidia continues to dance upon the graves of its haters/doubters, topping a $3.30 trillion market cap and becoming the world’s largest publicly traded entity. Meanwhile, things remain mixed under the surface as the major indexes trudge higher. Let’s see what you missed. 👀
Today's issue covers the stock market’s new head honcho, the tale of two troubled stocks, and silver regaining its shine. 📰
Here's today's heat map:
8 of 11 sectors closed green. Financials (+0.63%) led, & communication services (-0.59%) lagged. 💚
The Reserve Bank of Australia kept rates unchanged at 4.35%, with risks to its November rate cut forecast given inflation remains above its 2%-3% target range. Meanwhile, several U.S. Fed speakers reiterated the need for patience to ensure inflation is sufficiently on its way toward 2%. ⏯️
U.S. retail sales rose 0.10% MoM in May, below the 0.20% estimate. Excluding auto sales, they were down 0.10% as the consumer continued to soften alongside the labor market. Business inventories were up 0.30% MoM in May, rebounding from an unexpected decline in April. 🛍️
U.S. industrial production rose its most in 10 months during May, up 0.90% vs. expectations of 0.40%. Capacity utilization rose more than expected to 78.70%, with motor vehicle output and utilities driving the gains. 🏭
Lennar shares fell 5% despite reporting stronger-than-expected second-quarter results. Analysts say quarterly guidance was an issue, with new orders projected to decline QoQ as housing affordability remains challenged. 🏘️
Utility giant NextEra Energy fell as much as 5% intraday on the news it will sell $2 billion worth of equity units at $50 each (along with other preferences). Rocket Lab USA rose 13% after signing a 10-launch deal with Japanese Earth observation company Synspective. 💸
E.l.f. Beauty jumped 9% after Canaccord Genuity raised its price target to $250, citing the cosmetics retailer being positioned for strong growth. 💄
Six Flags and Cedar Fair both rose mid-single-digits on news that their merger is expected to be completed on July 1st. Six Flags will pay a special dividend of $1.53 per share following the deal’s closure. 🎢
Energy drink maker Celsius Holdings finally caught a bid after Piper Sandler reiterated its overweight rating, with its price target implying a 50% upside. 🫨
Other active symbols: $HOLO (-19.96%), $PLTR (+3.20%), $CRKN (-13.46%), $MU (+3.80%), $AVTE (-14.54%), and $DELL (+5.01%). 🔥
Here are the closing prices:
S&P 500 | 5,487 | +0.25% |
Nasdaq | 17,862 | +0.03% |
Russell 2000 | 2,025 | +0.16% |
Dow Jones | 38,835 | +0.15% |
STOCKS
Nvidia Goes Full-On Meme Stonk
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/6b3b0b2e-8907-44dc-85d3-b6fa463b0433/shock.gif?t=1718751343)
The market has been focused on meme stocks like GameStop, AMC, and others…but maybe Nvidia’s social (and business) momentum should’ve been what we were all paying attention to instead. 😵💫
Nonetheless, the semiconductor giant soared to fresh all-time highs, passing Apple on its way to claiming the #1 stock spot by market cap. 🫅
The trend in this stock has only gotten steeper, and more and more folks are raising concerns about its fundamentals meeting sky-high expectations in the future. Still, like meme stocks, momentum and FOMO drive the short-term price action while the business takes a back seat.
There’s not much more to say here than congratulations to all the shareholders who were along for any bit of this historic run. 🥳
Also, nothing changes sentiment like price…just ask Jim Cramer, who people were dunking on a bit today for his “entertaining” takes and timing. 😂
Reply