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STORY: "I think that the question is how much longer do we go without stumbling once again because we do again tend to be hitting new highs and so we need to have earnings improve much more so than they have been in my opinion, in order to maintain this upward trajectory," says Stovall

The Nasdaq and S&P 500 touched fresh intraday record highs shortly after the open, however, initial gains fizzled out as Nvidia slipped more than 2%. In the previous session, it had crossed $3 trillion in market valuation and overtaken Apple as the world's second most valuable company.