The stock market had another great run since the Club's May Monthly Meeting. Continued interest in the artificial intelligence trade and hopes that the Federal Reserve will cut interest rates sooner rather than later helped Wall Street reach new heights. The S & P 500 and Nasdaq Composite both closed at records June 18, buoyed by Club holding Nvidia's monstrous run to start the month.
mountain Broadcom year-to-date performance Broadcom took the top spot since the May Monthly Meeting, jumping 16.7% in that timeframe. The semiconductor company's better-than-expected quarterly earnings report on June 12 sent shares on a tear for several days, setting an all-time closing high of $1,828.87 apiece on June 17.
mountain Nvidia year-to-date performance Despite its recent swings, Nvidia landed in second place, with a 14.4% advance since our May gathering. It's hardly a surprise to see Nvidia back on the portfolio's top performers list. The "own it, don't trade it" stock has continued its 2023 surge due to its dominance in the AI chip market. Nvidia closed at a record high of $135.
mountain Apple's year-to-date stock performance. Narrowly behind Salesforce in fourth place is Apple , which jumped 11.48% over the period. The technology giant has been a strong performer since its Worldwide Developers Conference on June 10. That's when management unveiled Apple Intelligence, its brand of generative AI features for the iPhone and its other devices set to launch later this year.
mountain Palo Alto Networks' year-to-date stock performance. Palo Alto Networks rounded out the list at No. 5. Shares rose 10.9% since the May 30 close. The stock gained momentum earlier in June after another high-profile data breach — this one involving software firm Snowflake — demonstrated the importance of cybersecurity offerings.