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Nvidia Market Cap Hits $3T, Sending Nasdaq, S&P to Records | Wall Street Today

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Moomoo Recap US wrote a column · Jun 5 15:30
Nvidia Market Cap Hits $3T, Sending Nasdaq, S&P to Records | Wall Street Today
$NVIDIA(NVDA.US)$'s record-breaking rally sent the company's market capital to $3.01 trillion, surpassing that of   $Apple(AAPL.US)$, and helping propel the S&P 500 and the Nasdaq Composite to fresh all-time highs.  
Most sectors gained as signs of weakening labor market fueled hopes that the US Federal Reserve could start cutting interest rates in the next few months. Advancers totaled 8,769 stocks, while decliners reached 4,596.  
The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose almost 2% to 17187.90 while the $S&P 500 Index(.SPX.US)$ closed 1.2% higher at 5454.03. The $Dow Jones Industrial Average(.DJI.US)$ gained 0.3% to 38807.33.
MACRO
Companies added 152,000 jobs in May, according to the ADP national employment report released Tuesday morning. That's smaller than the 175,000 jobs expected in a Bloomberg survey. Payroll gains in April were revised lower to 188,000 from 192,000.
The latest payrolls data adds to signs of weakening labor market. On Tuesday, the Bureau of Labor Statistics released a report showing job vacancies dropped by 1.8 million jobs to 8.1 million in April, the lowest in two years.
Pay gains for those switching jobs slowed for a second month to 7.8%, providing less incentive for employees to move to other companies. Rising labor costs have helped fan inflation.
Traders now see a 58.7% chance that the Fed could cut interest rates by 25 basis points to a range of 5% and 5.25%, higher than 56.4% yesterday and 42.1% a week earlier, according to the CME FedWatch tool.
SECTORS
The $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ slipped to 4.287%, from 4.332% yesterday, as the market prices in rate cuts.
Nvidia Market Cap Hits $3T, Sending Nasdaq, S&P to Records | Wall Street Today
Crude oil rebounded from a four-month low as rising hopes for rate cuts fueled investor appetite for risk assets. $Crude Oil Futures(AUG4)(CLmain.US)$ gained 1.2% to $74.14 a barrel on the New York Mercantile Exchange. $Gold Futures(AUG4)(GCmain.US)$ rose 1.2% to $2,375.50 an ounce on Comex.
MOVERS
Nvidia shares climbed 5.2% to a record $1,224.40, taking the market capital of the leader in chips used to power artificial intelligence applications to $3.012 trillion. That surpassed $Apple(AAPL.US)$'s $3.003 trillion valuation.
The Nvidia party is also playing out in the options market, with 2.05 million of its stock options traded. Call options volume reached 1.23 million, while put options were at 817,640.
Source: moomoo mobile app
Source: moomoo mobile app
$Novavax(NVAX.US)$ rallied 20%+ Wednesday for the second time in the past three sessions as a U.S. Food and Drug Administration panel met to consider recommending a new COVID-19 vaccine for the disease's JN.1 variant.
$GameStop(GME.US)$ and $AMC Entertainment(AMC.US)$ resumed their rallies after the party was disrupted by reports earlier this week that meme stock trader Keith Gill, known as Roaring Kitty, was facing scrutiny from Massachusetts' top regulator for evidence of market manipulation.
$SoftBank (ADR)(SOBKY.US)$ rallied after reports that activist investment firm Elliott Management has amassed about a $2 billion stake in Japanese company's shares. Elliott is pushing SoftBank to undertake a $15 billion stock buyback after the company launched a more than $20 billion repurchase program, Wall Street Journal reported, citing a person familiar with the matter.
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