HG MARKETS:

The S&P 500 and Nasdaq indices reached all-time highs on Wednesday, driven mostly by technology firms. Investors took in economic data that pointed to a possible beginning of the Federal Reserve’s planned cycle of policy easing.Technology stocks led the gains among the 11 S&P 500 sectors, followed by communications and industrials. Consumer basics, however, saw declines.The most recent private payrolls data for May suggested that the job market’s tightness may be loosening, which might lead the Fed to start lowering interest rates this year. This idea was reinforced by a report released on Tuesday that showed a decline in job vacancies. A favorable scenario for the bond market was shaped by the improving economic data and its effect on lowering pressure on rates as well as the potential for worsening economic performance. According to the CME’s FedWatch tool, traders are now pricing in a nearly 69% chance of a rate cut in September, up from about 50% the week before. Before Friday’s much-anticipated official employment data for May, a report on weaker-than-expected job growth on Wednesday caused U.S. 10-year Treasury yields to drop to a two-month low. The S&P 500 gained 1.18% to 5358.75, the Nasdaq Composite jumped 1.96% to 19042.25, and the Dow Jones Industrial Average increased by 0.25% to 38,938.00. Nvidia and Taiwan Semiconductor Manufacturing led the gains in the 4.5% increase in chip stocks. With a market price that surpassed $3 trillion, Nvidia is now the second most valuable corporation in the world, ahead of Apple.Hewlett Packard Enterprise had a 10.7% increase in shares after announcing third-quarter revenue that surpassed Street estimates due to high demand for its AI servers. Following a dismal quarterly profit estimate and the announcement of plans to investigate options like a possible sale or split of Family Dollar, Dollar Tree saw a 4.9% decline. Following the announcement that Apollo Global Management would pay $11 billion to acquire a 49% equity stake in a joint venture pertaining to the chipmaker’s Ireland manufacturing facility, Intel’s stock increased by 2.5%. After predicting higher-than-expected revenue for the second quarter, CrowdStrike Holdings saw an 11.9% increase. On the NYSE and Nasdaq, advancing issues outpaced declining ones.