Nvidia Stock Keeping Tech-Heavy Nasdaq Afloat

Nvidia crossed the $1 trillion market cap level

Jake Scott

Deputy Editor

May 30, 2023 at 11:48 AM

NVDA
VIX
SPX
IXIC
DJI

Wall Street is all over the place today, as the Fiscal Responsibility Act -- a product of House Speaker Kevin McCarthy and U.S. President Joe Biden -- faces a roadblock. Two of the House Rules Committee's nine Republican members signaled opposition to bringing the compromise bill to the floor for a vote, stoking investors' anxieties as the default deadline draws nearer.

At last glance, the Dow Jones Industrial Average (DJI) is down roughly 80 points, while the S&P 500 Index (SPX) is marginally higher. Elsewhere, the Nasdaq Composite Index (IXIC) sports a healthy midday lead, after Nvidia (NVDA) crossed the $1 trillion market cap threshold, further boosting tech stocks amid a historic year for semiconductor stocks.

Continue reading for more on today's market, including:

Coinbase stock is the "best expression of crypto," says analyst
ChargePoint stock pops after upgrade.
Plus, two stocks seeing Nvidia tailwinds, and Kohl's pares post-earnings pop.

Midday Market Stats May 302023

Intel Corporation (NASDAQ:INTC) stock is up 1.4% at $29.42 midday, as chip stocks enjoy tailwinds from Nvidia's massive market cap achievement. At last check, 77,000 calls have been traded, volume that's three times the intraday average pace. New positions are opening at the two most popular contracts, the weekly 6/2 30-strike call and the June 30.50 call, respectively. After pulling back from its Feb. 4, 2023 high of $33.84, Intel stock is now sports an 11.2% year-to-date gain.

INTC Chart May 302023

Another company linked to Nvidia is trading at the top of the New York Stock Exchange (NYSE). C3.ai Inc (NYSE:AI) was last seen up 14.7% at $37.79, with additional tailwinds coming from news that C3.ai's generative AI will be added to the Amazon Workspace (AWS) Marketplace. Now, AI sports a 238.6% year-to-date lead.

Kohl's Corporation (NYSE:KSS) is pulling back after last week's surprise quarterly profit, and today trading near the bottom of the NYSE. The stock was last seen down 4.7% at $19.09, and adding to a more than 54% year-over-year deficit.

Follow @Schaeffers

Are You Ready for AI's Potential Supercycle Phase?
Amazon's Jeff Bezos surprised investors when he revealed that one emerging technology is the key to Amazon's future success... This technology could be worth $80 trillion by 2030. Learn more and join Motley Fool's Stock Advisor for 50% off!

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.