From CNBC: 2024-06-05 16:15:00

The S&P 500 reached a new record high, closing at 5,354.03, up 1.18%. The Nasdaq Composite also hit a new record, up 1.96% to 17,187.90, led by Nvidia. The Dow Jones Industrial Average added 96.04 points to finish at 38,807.33. Nvidia’s market value hit $3 trillion, with analysts predicting a potential rally to $1,500.

Private payroll data showed a slowdown in hiring to 152,000 jobs last month, below expectations. Investors hope weak labor market data will prompt the Federal Reserve to lower interest rates. Fed funds futures trading suggests a 70% chance of a rate cut in September. Attention will be on upcoming jobless claims and the May jobs report.

UBS expects the S&P 500 to reach 5,500 by year-end with anticipated rate cuts and profit growth. Tech shares like Nvidia, Hewlett Packard Enterprise, CrowdStrike, and Meta Platforms led Wednesday’s gains. Concerns linger over weak economic data possibly signaling a broader slowdown despite the positive market rally. Friday’s jobs report is eagerly awaited for further market guidance.



Read more at CNBC: Stock market news for June 5, 2024