S&P 500 Hits Record Close on Surge in Nvidia Share Price and Weak Labour Market Data

The stock market has been on a rollercoaster ride lately, with the S&P 500 index hitting a new record close thanks to a surge in Nvidia’s share price and weak labour market data. The tech heavy Nasdaq and the Dow Jones also closed higher, reflecting the overall positive sentiment in the market.

AI giant Nvidia stole the spotlight as its stock price soared to a new record high, pushing the company’s market cap to $3 trillion. Investors were excited about the company’s new line of chips, driving the stock even higher. Tech giant Meta Platforms also contributed to the record close, finishing the day 3.8 per cent higher.

Other companies also saw positive movement, with Hewlett Packard and CrowdStrike both trading up after reporting strong financial results. However, weak labour market data painted a different picture, with hiring slowing down and falling short of expectations. This raised hopes among investors that the Federal Reserve might consider cutting interest rates to stimulate the economy.

Looking ahead, all eyes are on the upcoming weekly jobless claims numbers and the May jobs report, which will be crucial for market sentiment. The Bank of Canada’s rate cut added to the speculation that the Fed might follow suit, further boosting investor confidence.

In terms of sectors, Technology was the best performer of the day, while Utilities lagged behind. Globally, European markets closed higher, while Asian markets saw mixed results. The Australian share market also closed higher, adding to the positive sentiment in the global markets.

Overall, the market is buzzing with activity, and investors are eagerly awaiting more data and developments to guide their investment decisions. It’s a dynamic time in the financial world, and there’s no shortage of opportunities for those willing to dive in and seize them.