It’s the largest company in the S&P 500 (and the world), and it set a record yesterday and a record for being the first company to cross the $4 trillion market-cap level.
I’m talking about Nvidia (NVDA) , of course, and the question is: Can it help power the S&P 500 to another record high?
The answer is yes. In premarket trading shares of the AI-chip giant are trading up nearly 1%. CEO Jensen Huang is off to China next week to meet with senior officials there. China is a key market for Nvidia, and this meeting will be important for both sides.
Because of Nvidia’s about 7% weight in the S&P 500, it holds large sway over the index. When it goes up, the S&P 500 generally follows.
The second-largest company in the S&P 500 is Microsoft (MSFT) . It, too, set a new high yesterday but is trading slightly lower this morning. As are shares of the next several largest stocks. Apple (AAPL) , Amazon (AMZN) , Alphabet (GOOGL) and Meta (META) are all lower.
As a result, stock market futures are lower, albeit only marginally. The S&P 500 futures are off by 0.1%, while the tech-heavy Nasdaq futures are trading lower by 0.05%.
Bonds are slightly lower (yields higher) on the heels of a respectable 10-year auction yesterday, while gold and copper rally and crude falls.
Overnight trading in S&P futures saw the market fall and then rally. We’re currently on another downswing.
The big news on the economy this morning is the jobless claims. The U.S. Department of Labor reported that initial claims fell by 5,000 while continuing claims rose. Stock market futures initially rose on the news but quickly continued their decline.
Initial jobless claims dropped to a two-month low of 227k last week. Continuing claims ticked up. pic.twitter.com/xVxkBQLiNO
— Kathy Jones (@KathyJones) July 10, 2025