S&P 500, Nasdaq close at records on jobs data; Nvidia market cap nears $4 trillion
Thu July 3, 2025 4:39 PM
Today was once again proof that, on Wall Street, nobody knows anything. It was just yesterday that the consensus was a strong desire for a weak jobs report as that would likely mean sooner rate cuts. Instead, it was a terrific jobs report with 33% more jobs than forecast and the unemployment rate falling more than expected. This was supposed to be a downer but instead triggered a big rally with investors quickly deciding to look past the rate cut issue and instead focus on the exuberant news of a healthy jobs market and healthy economy. Tariffs, budget bill, inflation, national debt and all other worrying issues also went on the backburner today.
The sentiment became – don’t fret about the bad things that might happen but celebrate the good things that are. There are the skeptics. “We are seeing a real bout of irrational exuberance. The stock market is very biased towards optimism. But if we just take a step back, the picture is not that great. This feels like the last bull rush before all the data really comes together.” A sunny day today, but major storm clouds are on the horizon? At almost $4T in capitalization, Nvidia is within a stone’s throw of overtaking Apple as history’s most valuable company. The markets closed today at 1 pm ahead of the holiday so, with just half the usual session, volume was also half the usual.
DJ: 44,484.42 -10.52 NAS: 20,393.13
+190.24 S&P: 6,227.42
+29.41 7/2
DJ: 44,828.53 +344.11 NAS: 20,601.10
+207.97 S&P: 6,279.36
+51.94 7/3
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