Stock Market Reaches New Records as Nvidia Surges on RTX Spark Announcement
U.S. equities hit all-time highs on June 1 as Nvidia rose more than 6% following its RTX Spark PC chip announcement at Computex. The S&P 500, Nasdaq, and Dow Jones all closed at record levels, with tech sector gains driven primarily by AI-related stocks.
Market Records Across the Board
U.S. equities notched gains on the first trading day of June, with the S&P 500 rising 0.26% to end the day at 7,599.96, the Nasdaq Composite gaining 0.42% to 27,086.81, and the Dow Jones Industrial Average edging up 46.42 points, or 0.09%, to 51,078.88. All three indexes reached new all-time intraday highs and closed at records.
Nvidia's Domination Following RTX Spark Launch
Nvidia shares climbed more than 6% after the company unveiled a new processor for personal computers, with Dell Technologies and HP Inc following Nvidia higher, rising more than 10% and 8%, respectively. Intel, which for years dominated the PC chip market, fell over 4%. Nvidia shares climbed about 6% in Monday's session, and the chipmaker is up 20% in 2026.
Analyst Confidence in Nvidia
D.A. Davidson added Nvidia to its top-pick stocks list on Monday, with Gil Luria, the firm's head of technology research, setting a $300 price target that implies around 42% upside from where shares finished last week. In a note announcing the company's addition to its best-of-breed list, Luria said Nvidia has "best-in-class margins" and a "durable competitive advantage."
Concentration in AI Stocks
Artificial intelligence is boosting the S&P 500, with a small cohort of names behind the index's surge, according to Julian Emanuel, senior managing director at Evercore ISI, who noted that "Record concentration in handful of AI names is spurring index strength," and that "MU, NVDA and GOOGL alone account for 40%+ of the YTD revision in S&P 2026 EPS."