CashNews.co
Nvidia (NVDA)
Chipmaker Nvidia closed at a record high on Monday, with shares rising 2.4% to end the session above $138.
The stock previously recorded a record closing price of $135.58 in June. This latest gain in the share price has given Nvidia a market valuation of nearly $3.4tn (£2.6tn.), making it poised to potentially overtake Apple (AAPL) – which has a market capitalisation of $3.5tn – as the world’s most valuable company.
Read more: FTSE 100 LIVE: Markets mixed as bets on UK interest rate cut ramp up
Nvidia is considered to be a major beneficiary of the artificial intelligence (AI) boom, with the company saying last week that its Blackwell AI chips had already sold out for the next 12 months.
Meanwhile, electronic manufacturer Foxconn announced that it was building a megafactory in Mexico to produce the Blackwell chips. The two companies said they were also teaming up to build Taiwan’s largest supercomputer.
In addition, Wall Street analysts reiterated their buy ratings on Nvidia shares.
Nvidia’s rise on Monday helped drive the S&P 500 (^GSPC) higher, with the index also notching another record high, having climbed nearly 0.8% to close at around 5,860.
French luxury group LVMH (MC.PA) is set to release its third-quarter revenue after the close of the Paris market on Tuesday.
Shares have slumped 14% year-to-date, as a tough economic backdrop has seen consumers rein in luxury spending. In the first half of the year, LVMH said revenues had dipped 1% to €41.7bn (£34.8bn), versus the same period last year.
The latest fall in the stock last week came after China decided to impose tariffs of as much as 39% on imports of European brandy, which took effect from Friday 11 October. This impacted the shares of French companies, including LVMH, which owns the cognac brand Hennessy.
Read more: Pound, gold and oil prices in focus: commodity and currency check, 15 October
However, Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said that the recent announcement of Chinese economic stimulus measures had brought a “fresh jolt of optimism around the outlook for LVMH”.
“While it’s too early to tell if the Chinese stimulus package will help lead to a sustained economic recovery, investors will be keen to see if it’s enough to shift full-year sales guidance higher when LVMH releases its third-quarter update,” he said.
Goldman Sachs (GS)
Major US banks set the earnings season off to a strong start on Friday, reporting results that beat market expectations, with attention now turning to Goldman Sachs.
The investment bank is set to report its third-quarter earnings on Tuesday, along with Bank of America (BAC) and Citigroup (C).
In the second quarter, Goldman Sachs reported profits had soared 150% from a year ago as investment banking surged.
Read more: Stocks that are trending today
Net income was $3.04bn, which beat analyst expectations. Its total revenue of $12.73bn also rose 17% from a year ago.
Goldman Sachs CEO David Solomon said in a conference call with analysts: “We are in the early innings of a capital markets and M&A recovery, and while certain transaction volumes are still well below their tenure averages, we remain very well positioned to benefit from a continued resurgence of activity.”
Shares in Trump Media extended their rally on Monday, closing the session up nearly 19%, with the stock continuing to rise 5% in pre-market trading.
This comes as investors bet on former president Donald Trump’s rising odds of winning the November election.
Over the weekend, both betting markets shifted in favour of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump’s presidential chances ahead of those of Democratic nominee and current vice president Kamala Harris.
Read more: Could an ‘exit tax’ stop millionaires fleeing the UK?
Separately, Trump Media announced the web launch of its Truth+ streaming service on Monday, following on from the release of the streaming app for Android devices last week.
Last month, DJT shares were trading at their lowest point since the company’s debut on the stock market in March, following the expiration of the company’s lockup period on shares, but have started to move higher in the run up to the election on 5 November.
Coinbase Global (COIN)
Cryptocurrencies were also on the rise on Monday, as investors weighed Trump odds in the election.
Trump has been courting crypto investors in his campaign, having launch a venture in the space, World Liberty Financial, in September. The crypto token accompanying this project, WLFI, is set to go on sale on Tuesday, according to a post by Trump on social media platform X over the weekend.
Read more: Gold not glittering for UK investors despite price surge
Meanwhile, on Monday, Harris vowed to support a cryptocurrency regulatory framework.
Bitcoin (BTC-USD) climbed following these developments, with it surging back up past the $65,000 mark. Ethereum (ETH-USD) was also trading higher, rising 3% to top $2,610.
This lifted stocks in the sector, including cryptocurrency exchange platform Coinbase, which jumped 11% in the previous session.
Download the Yahoo Finance app, available for Apple and Android.