- Nvidia has become the world’s most valuable publicly traded company.
- Boeing’s CEO went to Congress to defend the company amid growing concerns about safety and quality flaws.
- The S&P 500 and Nasdaq Composite continued to hit record highs.
Here are five important things investors should know before starting the trading day.
The S&P 500 hit a new record on Tuesday (it was the most recent trading day, as markets were closed on Wednesday for Juneteenth). The broader index rose 0.25% and the Nasdaq Composite also hit a new high, up 0.03%, while the Dow Jones Industrial Average rose 56.76 points (0.15%). Nvidia was again the star on Tuesday, rising 3.5%. Investors will now be keeping an eye on jobless claims and housing starts on Thursday morning. Follow our live market updates.
Nvidia CEO Jensen Huang delivered the keynote address ahead of Computex 2024, which takes place in Taipei on June 2, 2024.
Sam Yeh | AFP | Getty Images
The stock market has a new champion. On Tuesday, NVIDIA surpassed Microsoft in market capitalization to become the world’s most valuable publicly traded company. The chipmaker’s shares rose 3.5% in one day, giving the company a market capitalization of $3.34 trillion, surpassing Microsoft’s $3.32 trillion. NVIDIA, credited with driving the explosive growth of AI, has made a meteoric rise to the top of the stock market. The company’s shares have risen more than 170% so far in 2024.
Boeing CEO Dave Calhoun testifies about Boeing’s safety culture during a hearing of the Senate Homeland Security and Governmental Affairs Committee’s Subcommittee on Investigations on Capitol Hill in Washington, USA, June 18, 2024.
Kevin Lamarque | Reuters
A Senate committee grilled Boeing CEO Dave Calhoun on Tuesday about the company’s safety and quality-control lapses, whistleblower allegations of cutting corners and Calhoun’s own compensation. The plane maker’s reputation has been tarnished since a door panel exploded in mid-air on an Alaska Airlines flight in January. The Senate subcommittee also released new whistleblower testimony from a quality assurance investigator who said the company lost records of parts that were damaged or didn’t meet specifications. Calhoun, who has said he will step down by the end of the year, testified that the company has “loud and clear” heard concerns about its culture and is “taking action and moving forward.”
Olive Garden restaurant billboard advertisement.
John Graeme | LightRocket | Getty Images
Darden Restaurants, the parent company of Olive Garden, on Thursday reported profits that beat analysts’ expectations but sales that fell slightly short of expectations. The company’s fine-dining operations struggled more than analysts had expected. Darden’s fourth-quarter net sales rose 6.8% to $2.96 billion, driven by its acquisition of Ruth’s Chris Steak House and the opening of 37 other new locations. Shares of the restaurant chain rose more than 1% in premarket trading.
Ilya Sutskever, a Russian-Israeli-Canadian computer scientist and co-founder and chief scientist of OpenAI, spoke at Tel Aviv University in Tel Aviv on June 5, 2023.
Jack Guess | AFP | Getty Images
OpenAI co-founder Ilya Sutskever is starting a new artificial intelligence company. He called the new venture Safe Superintelligence (SSI) and said in a post on X that he will continue to focus on safety. Sutskever was previously OpenAI’s chief scientist. He was one of the board members who clashed with CEO Sam Altman over OpenAI’s handling of AI safety, and was part of a group that unsuccessfully tried to oust Altman from his role.
—CNBC’s Samantha Sabin, Brian Evans, Kif Leswing, Leslie Josephs, Amelia Lucas, Todd Hazelton and Rohan Goswami contributed to this report.
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