Wall Bourse ends up sharply, led by Tesla and Nvidia

Tesla, Nvidia and Meta Platforms each rose more than 4%, fueling gains in the S&P 500 and Nasdaq. Amazon grew by 3.1% and Apple by 1.7%.

Of the 11 S&P 500 sector indices, 10 rose, led by consumer discretionary, up 3.03%, followed by a 2.69% gain for materials.

US stocks rallied after falling earlier in the day after Federal Reserve Vice Chairman Lael Brainard said she backed at least two more half-point interest rate hikes. percent and saw little argument for a pause in rate hikes in September if pricing pressures did not cool.

The US stock market has seen a modest rally in recent sessions, with investors wondering if the worst of the downturn that dominated the stock market in 2022 may be over.

“Volatility has become the norm, not the exception. Stocks are being held hostage by inflation, and until inflation is brought under control, volatility is likely to remain high,” Chief Strategist Terry Sandven warned. shares in US Bank Wealth Management Minneapolis, Minnesota.

The S&P 500 is now down about 13% from its record close in early January.

The Philadelphia Semiconductor index jumped 3.6% to end its highest level in almost a month.

The ADP National Jobs Report showed US private sector payrolls grew far less than expected in May, suggesting labor demand is starting to slow amid rising interest rates and tighter financial conditions.

All eyes are now on government nonfarm payrolls data on Friday, with investors looking for further signs of the health of the US economy and how aggressively the Fed may continue to raise interest rates. Analysts expect the economy to add 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 the Dow Jones Industrial Average rose 1.33% to 33,248.28 points.

Microsoft rose 0.8% even after the software maker cut its fourth-quarter profit and revenue forecast, becoming the latest US company to warn of the consequences of the rising US dollar.

Hewlett Packard Enterprise Co slid 5.2% after the technology company gave a disappointing full-year guidance due to currency headwinds and its withdrawal from Russia.

Veeva Systems soared nearly 15% after the life sciences software vendor reported quarterly revenue that beat expectations.

Ford Motor Co rose 2.5% after the automaker said it planned to invest $3.7 billion in assembly plants in Michigan, Ohio and Missouri.

Across the entire US stock market, rising stocks outnumbered falling stocks by a ratio of 3.5 to 1.

The S&P 500 posted a new high and 29 new lows; the Nasdaq recorded 33 new highs and 107 new lows.

Volume on US exchanges was relatively low, with 10.7 billion shares traded, compared to an average of 13.3 billion shares over the previous 20 sessions.

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