Stocks Rally as Nvidia Tops $5 Trillion

U.S. stocks extended a multi-session rally to fresh record highs, led by Nvidia — which briefly topped a $5 trillion market valuation — and strong gains in Caterpillar, Sherwin‑Williams and other AI- and tech-exposed names. The advance was underpinned by robust earnings and upbeat guidance from AI beneficiaries including Nvidia, Teradyne and Caterpillar, even as several firms such as Fiserv, Etsy, Hormel and CVS posted disappointing results or management changes. Markets are pricing in an almost-certain 25-basis-point Federal Reserve rate cut and are watching a busy week of central-bank decisions; a U.S. government shutdown has constrained economic-data flow and could make Fed communications more cautious. Global stocks also rose as U.S.-China trade tensions showed signs of easing, while commodity prices (oil and gold) moved higher, bond yields changed little and volatility remained subdued. Ongoing corporate events and regulatory probes, including ASIC scrutiny of trades linked to WiseTech, are adding to near-term market dynamics.