The S&P 500 Index closed up 0.13% on Tuesday, marking a new all-time high, alongside gains in the Dow Jones Industrial Average (+0.45%) and the Nasdaq 100 (+0.48%). Key contributors to this uplift included Marvell Technology, which surged over 32% after Nvidia’s CEO predicted a $1 trillion valuation for the company, and Hewlett Packard Enterprise, which rose more than 19% following an earnings outlook that exceeded estimates.
In labor market news, April JOLTS job openings unexpectedly increased by 731,000 to a 23-month high of 7.618 million, surpassing forecasts of a decline to 6.866 million. However, the broader market faced pressure from a 6% drop in Bitcoin, alongside weaker performance in software stocks, with major companies like Intuit falling over 8% after a downgrade from Goldman Sachs.
Interest rate expectations were also impacted, with the markets assigning only a 2% chance of a 25 basis point increase at the upcoming Federal Open Market Committee meeting in mid-June. This comes after Cleveland Fed President Beth Hammack suggested that current data might prompt action on inflation soon.
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