Investing.com - The Australian Securities Exchange is projected to experience a minor decline on Wednesday, despite an impressive rally from US chipmaker NVIDIA Corporation (NASDAQ:NVDA).
The US market saw the S&P 500 index rise by 0.3% to 5487.03 overnight, marking yet another record closing high. This surge was partially driven by Nvidia, which saw its stock climb by 3.5%. This boost propelled Nvidia to become the world's most valuable publicly traded company, with a market cap of $US3.4 trillion.
While Nvidia experienced a rally, other tech giants, including Microsoft Corporation (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL), recorded a decrease in their market caps, slipping to $US3.32 trillion and $US3.29 trillion respectively.
In sectors outside of tech, stocks remained relatively unchanged. This comes after US retail sales in May saw a modest rise of 0.1%, falling short of the 0.3% increase that economists had anticipated. However, industrial production and manufacturing output for the same month exceeded expectations.
In the commodities market, Brent Crude increased by 0.8% to $US84.90 amid escalating geopolitical tensions in Europe and the Middle East. Gold prices also rose by 0.6% to $US2332.07 per ounce, while iron ore futures added 1% to reach $US106.40.