Wall Street opened this Wednesday in green, driven by technology company Nvidia, which reached a new record, and weak labor market data, which gives hope to investors that the Federal Reserve (Fed) will carry out the expected rate cuts. interest this year.
Ten minutes after the trading floor opened, the Dow Jones Industrial Average, the main indicator of the New York stock market, rose 0.10% to 38,749 units.
Meanwhile, the selective S&P 500 rose 0.32% to 5,308 points and the Nasdaq – where the large technology companies are listed – advanced 0.62% to 16,962 points.
The giant Nvidia once again reached a record in the early stages of the day and rose 1.61%, still driven by the announcement of new higher-power chips made by its CEO on Sunday. So far this year, the company’s shares have soared 139%.
The company is very close to surpassing Apple and becoming the second most valuable company on the stock market; The increase in its assets by 27% last May raised its market capitalization to $2.9 trillion, surpassed only by Microsoft and Apple.
And the chip manufacturer encouraged investors last month with its quarterly results, as it multiplied its net profit by seven, to $14,881 million.
Beyond Nvidia, this morning the news stood out that the until now financial director of the pharmaceutical company Eli Lilly, Anat Ashkenazi, will assume the same position at Alphabet, the parent company of Google. Following the news, the technology company’s shares rose 1.18%.
On the other hand, according to the latest private payroll report, hiring slowed in May in the United States to 152,000 jobs, below the 175,000 expected by many analysts.
Traders hope that this figure – which they consider a sign of weakness in the labor market – will motivate the Fed to make rate cuts.
The report also sent the benchmark 10-year Treasury bond down to 4.308%.
By sector, the gains in communication (1.1%) and technology (0.91%) stood out, while the greatest losses were for essential goods (-0.38%) and real estate (-0. 3. 4 %).
Among the 30 Dow Jones stocks, Goldman Sachs (0.86%) and 3M (0.67%) led the advances, and among those that opened in the red were Cisco (-1.43%) and Walt Disney (-1 .33%).
In other markets, Texas oil (WTI) opened this Wednesday with a rise of 0.60%, up to $73.69 a barrel, moved this week by the decision of OPEC+ to extend its binding cuts until 2025 and to withdraw volunteers gradually starting in October.
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2024-06-06 11:46:03