Hello readers,
Today's market action saw Nvidia surpassing Microsoft and Apple to become the world's most valuable public company. With a market value of over $3 trillion, Nvidia's ascendancy is driven by the explosive growth generated by AI demand, with Wall Street expecting its annual revenue to nearly double by the end of 2025.
Meanwhile, the rest of the market experienced more moderate action ahead of the Juneteenth holiday, with the Dow picking up about 57 points, the S&P 500 rising 0.3%, and the Nasdaq managing only a fractional gain.
In the entertainment industry, Disney’s “Inside Out 2” and Sony’s “Bad Boys: Ride or Die” have made strong debuts this month, but the industry’s total domestic box office this year is running 25% below the same point last year and 41% below 2019’s level.
On the economic front, retail sales data for May came in below expectations, while industrial production figures released the same day were surprisingly robust, painting a nuanced picture of the state of the economy.
For more insights and updates, you can check out the sources linked below. Stay tuned for the quarterly results from Kroger, Darden Restaurants, Winnebago, and Accenture on Thursday.
Best regards,
Daniel Silva
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