Podcast Summary
Tech giants' financial services: NVIDIA's strong performance drove the S&P 500 to new record highs, while Apple's end to financial services like Apple Pay Later led to a decline in its stock price, but the overall market remained strong
The S&P 500 reached new record highs this week, driven in part by NVIDIA's strong performance. However, Apple made headlines for ending its Apple Pay Later service, leading to a decline in its stock price. The tech giant had been using finance services like Apple Pay Later and its credit card partnership with Goldman Sachs to deepen its relationship with consumers beyond its core iPhone and Mac offerings. Despite the end of these services, the overall market remained strong, with the Dow rising for the week and the Nasdaq ending roughly flat. The summer heat also continued to impact markets, with temperatures mirroring the market's hot streak.
NVIDIA, Microsoft, Gilead Sciences: NVIDIA briefly became the most valuable US company but lost its position due to a decline in shares. Gilead Sciences saw an 8% jump in shares due to effective HIV prevention drug study results, and biotech/pharma companies continue to progress in treatments for conditions like cancer and HIV.
NVIDIA briefly became the most valuable public US company for the first time, surpassing Microsoft, but lost its position after a 3.5% decline in shares. Meanwhile, Gilead Sciences stood out as a bright spot in the stock market with its HIV prevention drug showing complete effectiveness in a study, leading to an 8% jump in shares on Thursday and an additional 3% gain on Friday. This news comes as investors continue to show interest in biotech and pharmaceutical companies, making progress in treatments for conditions like cancer and HIV. Despite some down days for stocks overall, these developments highlight the ongoing competition and innovation in the tech and healthcare industries.