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The S&P 500 rose to yet another record high today, once again led by semiconductor stocks, in particular, by Nvidia (chart). The chipmaker just joined the $3 trillion dollar market-cap club along with Microsoft and Apple. The long line to buy the company's GPU chips keeps getting longer. It will have a 10-for-1 stock split on Friday.
Perversely, the bulls are also charged up by the latest batch of relatively weak economic indicators, including May’s M-PMI and ADP payrolls reports. They figure this increases the odds of the Fed cutting the federal funds rate (FFR) this year.
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