Nvidia Hits $4T, S&P 500 at New High 11/07/2025

HOT stories for today

US market wrap:

• Markets closed higher Thursday, with the S&P 500 and Nasdaq reaching new record highs after Delta's strong earnings lifted airline stocks. The S&P gained 0.27%, the Nasdaq rose 0.09%, and the Dow added 192 points, or 0.43%. For the week, the major indexes are little changed, with the Dow hovering near flat and the S&P and Nasdaq up less than 1%. Bitcoin jumped nearly 8% this week, hitting fresh highs.
• A well-received 30-year bond auction lowered yields slightly, supporting equity gains. Initial jobless claims declined, while continuing claims remained elevated, pointing to a stable but watchful labor market. It was an intense session overall and possibly an early glimpse of what's ahead this earnings season. Meanwhile, Trump announced a 35% tariff on Canadian imports starting August 1, warning of steeper measures if Canada retaliates.

Nvidia Hits $4T, S&P 500 at New High

• After narrowly missing the mark a day earlier, Nvidia officially surpassed a $4 trillion market capitalization on Thursday. The stock closed up 0.8% at $164.10, topping the $163.93 level needed to hit the milestone. It previously reached $164.42 intraday on Wednesday but pulled back by the close.
• The achievement puts Nvidia ahead of Apple in valuation, as Wall Street remains bullish on the chipmaker’s AI dominance. Analysts have praised Nvidia’s progress in scaling its Blackwell AI platform. Barclays recently raised its price target to $200, implying a $4.9 trillion valuation, while Loop Capital set a $250 target, which would equate to a $6 trillion valuation. Nvidia is also eyeing significant gains from sovereign AI, national AI infrastructure, which could be worth billions. It’s building partnerships across Europe and the Gulf, even as U.S. export restrictions complicate business in China. CEO Jensen Huang is reportedly planning a visit to Beijing to launch a modified Blackwell chip tailored for the Chinese market.
• ​​​​​ Meanwhile, Nvidia’s meteoric rise has drawn the attention of politicians. Trump met with Huang at the White House on Thursday and praised the stock’s gains in a social media post, linking them to his tariff policy. Nvidia declined to comment on the meeting.

Stocks on the move:

• MP Materials (MP): Shares of the rare earth miner surged over 47% after the company revealed a $400 million preferred stock purchase agreement with the U.S. Department of Defense.
• McDonald’s (MCD): The fast-food chain gained nearly 2% following a Goldman Sachs upgrade from neutral to buy, citing McDonald’s strong positioning to attract value-driven consumers amid rising price sensitivity.
• Hertz Global (HTZ): The heavily traded meme stock climbed 12%, extending its remarkable rally in 2025. Hertz has soared over 118% year to date.
• Mobileye (MBLY): Shares dipped more than 2% after the company priced a secondary stock offering at $16.50 per share. Mobileye had closed at $17.32 on Wednesday and hovered near $16.80 in Thursday trading.
• Advanced Micro Devices (AMD): The chipmaker rose 3% after receiving a buy rating from HSBC. The bank noted that higher-than-expected pricing for AMD’s latest AI chip could meaningfully boost revenue.

Watchlist: NVDA, AVGO, AMD, META, MSFT, MBLY, RBLX

Today’s action

• Asia-Pacific markets traded mostly higher Friday, even as U.S. equity futures dipped following President Donald Trump's announcement of 35% tariffs on Canadian imports starting August 1. Singapore stocks extended their record-setting run for a fifth straight session. Hong Kong’s Hang Seng rose 0.93%, while China’s CSI 300 edged up 0.2%. Japan’s Nikkei 225 added 0.51%, with the Topix gaining 0.81%. South Korea’s Kospi advanced 1%, and the Kosdaq climbed 0.94%. Australia’s S&P/ASX 200 was up 0.14%. 
• In the U.S., futures declined Thursday evening. S&P 500 futures slipped 0.48%, Nasdaq 100 futures dropped 0.57%, and Dow futures fell 0.45%, or 202 points. Investors are awaiting the Treasury Department’s monthly statement, due at 2 p.m. ET Friday.

Bitcoin

• Shanghai may ease crypto restrictions, exploring a stablecoin framework and a potential yuan-pegged pilot. Bitcoin reached a new record of over $116,000, driven by robust ETF inflows and increasing institutional demand.
• Ether has climbed even more, rising 20% in the same period and approaching the $3,000 mark once again. Meanwhile, Nvidia-backed CoreWeave is acquiring Core Scientific in a $9 billion deal to expand AI and data infrastructure. The crypto space is seeing renewed momentum across regulation, adoption, and consolidation.
  Watchlist: BTC: 99,000–116,000 | ETH: 2,000–3,000 | SOL: 140–200

Forex

• The Japanese Yen weakened further Friday as traders scaled back Bank of Japan rate hike expectations amid rising U.S. trade tensions and domestic political uncertainty. USD/JPY pushed above 147.00, supported by a stronger U.S. Dollar and reduced bets on Fed rate cuts. Concerns over falling real wages and softening inflation in Japan added to pressure on the Yen.
• Meanwhile, EUR/USD slipped to near 1.1680 in Asia, weighed down by trade fears after Trump signaled new tariffs for the EU. The Euro also faced pressure as the ECB’s Holzmann said further rate cuts may not be necessary. Comments from other ECB officials are expected later today.
  Watchlist: EUR/USD: 1.1000–1.1850 | USD/JPY: 140–162

Basic Materials

• Gold (XAU/USD) rose for a third straight session Friday, nearing the top of its weekly range as rising trade tensions continued to drive safe-haven demand. While a stronger U.S. Dollar and fading Fed rate cut bets capped gains, investors remained cautious amid tariff threats from President Trump, fueling support for the metal.
• Meanwhile, West Texas Intermediate (WTI) crude fell to around $65.75. Prices dropped amid fears of oversupply, rising U.S. inventories, and concerns over new trade tariffs. However, growing geopolitical tensions in the Middle East may help limit further downside.
  Watchlist: Gold: 2,600–3,500 | US Oil: 55.60–75.80

Economic Calendar (EST):
02:00 pm: USD Federal Budget Balance

Earnings:
No major earnings today!


The TEFS Analyst team wishes you a successful day!