Home Latest News Wall Street ends sharply higher, led by Tesla and Nvidia – Reuters

Wall Street ends sharply higher, led by Tesla and Nvidia – Reuters

Ads

June 2 (Reuters) – Wall Street ended sharply higher on Thursday, led by Tesla, Nvidia and other megacap growth stocks in a choppy session ahead of a key jobs report due on Friday.
Tesla (TSLA.O), Nvidia (NVDA.O) and Meta Platforms (FB.O) each rose more than 4%, fueling gains in the S&P 500 and Nasdaq. Amazon (AMZN.O) rallied 3.1% and Apple (AAPL.O) added 1.7%.
Of the 11 S&P 500 sector indexes, 10 rose, led by Consumer Discretionary (.SPLRCD), up 3.03%, followed by a 2.69% gain in Materials (.SPLRCM).
U.S. stocks recovered from a drop earlier in the day after Federal Reserve Vice Chair Lael Brainard said she backs at least a couple more half percentage point interest rate hikes, and sees little case for pausing rate hikes in September if price pressures fail to cool. read more
The U.S. stock market has staged a modest recovery in recent sessions, with investors debating whether the worst of a selloff that has dominated Wall Street in 2022 may be over.
"Volatility has become the norm, not the exception. Stocks are being held hostage by inflation, and until inflation gets under control, volatility is likely to remain high," warned Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, Minnesota.
The S&P 500 is now down about 13% from its record high close in early January.
The Philadelphia Semiconductor index (.SOX) jumped 3.6% to end at its highest level in almost a month.
U.S. private payrolls increased far less than expected in May, suggesting demand for labor was starting to slow amid higher interest rates and tightening financial conditions, the ADP National Employment report showed. read more
All eyes are now on the government's nonfarm payrolls data on Friday, with investors looking for fresh signs of the U.S. economy's health and how aggressively the Fed may continue to raise interest rates. Analysts are expecting the economy to have added 325,000 jobs last month.
Unofficially, the S&P 500 climbed 1.84% to end the session at 4,176.82 points.
The Nasdaq gained 2.69% to 12,316.90 points, while Dow Jones Industrial Average rose 1.33% to 33,248.28 points.
Microsoft (MSFT.O)rose 0.8%, even after the software maker cut its fourth-quarter forecast for profit and revenue, making it the latest U.S. company to warn of a hit from a stronger U.S. dollar. read more
Hewlett Packard Enterprise Co (HPE.N)slid 5.2% after the technology firm gave a disappointing full-year forecast due to currency headwinds and its exit from Russia.
Veeva Systems (VEEV.N) rallied almost 15% after the life sciences software seller's quarterly revenue forecast beat expectations.
Ford Motor Co (F.N) rose 2.5% after the automaker said it plans to invest $3.7 billion in assembly plants in Michigan, Ohio and Missouri. read more
Across the U.S. stock market (.AD.US), advancing stocks outnumbered falling ones by a 3.5-to-one ratio.
The S&P 500 posted one new high and 29 new lows; the Nasdaq recorded 33 new highs and 107 new lows.
Volume on U.S. exchanges was relatively light, with 10.7 billion shares traded, compared with an average of 13.3 billion shares over the previous 20 sessions.
Our Standards: The Thomson Reuters Trust Principles.
Sign up to our investor newsletter to get the latest news and trends in global financial markets.
Subscribe to our newsletter to get all the news you need to start your day.
Citigroup Inc Chief Executive Jane Fraser said on Friday that Europe was more likely than the United States to slip into a recession, as she joined other global bank CEOs this week to warn about the health of the global economy.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Ads
Previous articleSamsung Galaxy S22 will probably miss this big smartphone camera upgrade – Tom's Guide
Next articleAirtel launches new broadband plans with unlimited internet, OTT subscriptions – The Indian Express
She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.