Stock Market Today, June 2: Chipmakers Drive S&P 500 to Another Record Close
The S&P 500 (SNPINDEX:^GSPC) rose 0.13% to 7,609.78, notching another record close. The Nasdaq Composite (NASDAQINDEX:^IXIC) inched up 0.03% to 27,093.90, and the Dow Jones Industrial Average (DJINDICES:^DJI) gained 0.45% to 51,307.79 in an uneven session.
Market movers
Marvell Technology was among the day’s top gainers, closing up 33% on comments from Nvidia CEO Jensen Huang. Hewlett Packard Enterprise soared 19% on earnings strength.
Alphabet slid 4% as investors weighed its $80 billion stock sale plan. Cisco Systems stock increased after the firm rolled out new AI cybersecurity software. Palo Alto Networks gained over 8% in after-hours trading after its Q1 results beat analyst expectations.
What this means for investors
Markets inched upwards today, setting new records as chipmakers continued to drive gains. Marvell and Hewlett Packard lead the tech rally, reinforcing the outsized role of semiconductor stocks. Oil prices swung on peace talk uncertainty, with WTI crude finishing up 1.46% at $93.51 a barrel. Traffic through the Strait of Hormuz remains restricted.
Job Openings and Labor Turnover Survey (JOLTS) data released today showed job openings increased 4.6% in April to 7.6 million, the highest level in almost two years. The figures, which beat expectations, show labor stability despite AI-related layoffs. However, they only tell part of the story — further jobs data is due on Friday. A strong labor market makes the Federal Reserve more likely to increase interest rates to tackle inflation when it meets later this month.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Alphabet, Cisco Systems, Hewlett Packard Enterprise, Marvell Technology, and Nvidia. The Motley Fool recommends Palo Alto Networks. The Motley Fool has a disclosure policy.
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