US data mixed with strong service sector, Nvidia stock rally, ECB rate cut talks

From Investing.com: 2024-06-06 02:29:00

The US economy added 152K new private jobs in May, below analysts’ expectations, but services expanded at the strongest pace in nine months. Bond traders focused on the weaker ADP report, sending yields down to 4.72%. Tech stocks like Nvidia and Apple drove the S&P 500 to a record high for the 25th time this year. Investors are excited about the AI craze and are willing to dream bigger than the price. Nvidia is upgrading its AI accelerators annually and expanding its offerings to reach more companies. Other chipmakers like Qualcomm and AMD also saw strong gains.

In Europe, ASML became the second most valuable company, surpassing LVMH, on news of technological advancements in chip manufacturing. The ECB is expected to announce a 25bp cut, with the focus on future rate cut hints from Lagarde. A dovish statement could lead the euro bears to control the market.



Read more at Investing.com: Mixed US Data, Nvidia Rally, ECB Rate Cut Talks Impact Bond Yields and Stocks