- Nvidia became the world's most valuable public company.
- Boeing's CEO visited Capitol Hill to defend the company amid growing concerns about its safety and quality.
- The S&P 500 and Nasdaq Composite continued their streak of record highs.
Here are five key things investors need to know to start the trading day:
The S&P 500 hit another record high on Tuesday (which was the most recent trading day as markets were closed on Wednesday for the Juneteenth holiday). The broad market index gained 0.25%, while the Nasdaq Composite also touched another new high, rising 0.03%. Meanwhile, the Dow Jones Industrial Average gained 56.76 points, or 0.15%. Nvidia was the star of the show again on Tuesday, climbing 3.5%. Looking ahead, investors will be keeping an eye on initial unemployment claims data and housing starts data on Thursday morning. Follow live market updates.
Nvidia CEO Jensen Huang delivers his keynote address ahead of Computex 2024 in Taipei on June 2, 2024.
Sam Yeh | AFP | Getty Images
The stock market has a new king. Nvidia became the world's most valuable public company on Tuesday as its market capitalization surpassed Microsoft's. Shares of the chipmaker rose 3.5% over the day, pushing the company's market capitalization to $3.34 trillion and above Microsoft's $3.32 trillion. Nvidia, credited as the engine behind the explosion in AI, has made a meteoric rise to the top of the stock market. Its shares are up more than 170% so far in 2024.
Boeing CEO Dave Calhoun testifies before a Senate Homeland Security and Governmental Affairs Committee Investigations Subcommittee hearing on security culture at Boeing on Capitol Hill in Washington, US, June 18, 2024.
Kevin Lamarque | Reuters
A Senate panel on Tuesday questioned Boeing CEO Dave Calhoun about the company's safety and quality lapses, whistleblower allegations of benefit cuts and Calhoun's own pay package. The plane maker's reputation has been tarnished since a door-panel exploded mid-air on an Alaska Airlines flight in January. The Senate subcommittee also released new whistleblower testimony from a quality-assurance investigator who said the company stopped tracking parts that were either damaged or did not conform to specifications. Calhoun, who has said he will step down by the end of the year, testified that the company has “clearly” heard concerns about its culture and that it is “taking action and making progress.”
Olive Garden restaurant billboard advertisement.
John Greim | LightRocket | Getty Images
Olive Garden parent company Darden Restaurants on Thursday reported earnings that beat analysts' expectations, but revenue came in slightly short of forecasts. The company's fine-dining restaurants struggled more than analysts expected. Darden's net sales for the fiscal fourth quarter rose 6.8% to $2.96 billion, thanks to the company's acquisition of Ruth's Chris Steak House and 37 other net new locations. Shares of the restaurant chain company rose more than 1% in premarket trading.
Ilya Sutskever, Russian Israeli-Canadian computer scientist and co-founder and chief scientist of OpenAI, delivers a speech at Tel Aviv University on June 5, 2023 in Tel Aviv.
Jacques Guez | AFP | Getty Images
OpenAI co-founder Ilya Sutskever is starting a new artificial intelligence company. He has named his new venture Safe Superintelligence, or SSI, and said in a post on X that he will continue to focus on security. Sutskever was previously the chief scientist at OpenAI. He was one of several board members who clashed with OpenAI CEO Sam Altman over the company's handling of AI security and was part of a group that unsuccessfully attempted to remove Altman from his role.
— CNBC's Samantha Subin, Brian Evans, Kiff Leswing, Leslie Josephs, Amelia Lucas, Todd Haselton and Rohan Goswami contributed to this report.
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