Nvidia’s market cap hits $3 trillion in latest tech rally – will it keep climbing?

New York, NY – US stocks showed little movement on Thursday, following a strong performance in Big Tech that saw the S&P 500 and Nasdaq Composite reach record highs. The investors are now eagerly awaiting labor data to gauge the possibility of future interest rate cuts.

Tech-heavy Nasdaq Composite rose by 0.1%, while the S&P 500 and Dow Jones Industrial Average remained steady. Nvidia, surpassing a $3 trillion market cap, saw its shares continue to rise, while other big tech companies like Apple, Meta, and Microsoft experienced slight declines.

The recent market rally has been attributed to a positive reaction to soft economic readings, potentially paving the way for a Federal Reserve policy pivot. Investors now see a 69% chance of a rate cut in September, up from around 50% a week ago. This shift in sentiment comes after the ADP private payrolls report indicated a cooling labor market.

In a similar move, the European Central Bank cut interest rates by 25 basis points, marking its first adjustment since 2019. The market continues to be influenced by various economic indicators, with the recent jobless claims data serving as another factor in determining the Fed’s economic strategy.

As investors look forward to the release of the May monthly jobs report, stocks are poised for a potentially pivotal moment. Companies like Lululemon saw a 9% surge in pre-market trading after updating their profit outlook and stock buyback program, highlighting the ongoing market volatility and investor sentiment.

The article also touches on the rebound in the commercial PC market and the election of Chipotle CEO Brian Niccol to the Walmart board. These developments underscore the evolving dynamics in the technology and retail sectors, reflecting broader trends in consumer preferences and market performance.

Overall, the market remains in a state of flux, responding to various economic data points and corporate developments. The outcome of the upcoming jobs report and other key indicators will likely shape the direction of stocks in the near future.