S&P 500, Dow Jones at Record Highs Again

Major US indices such as S&P 500 and NASDAQ closed at record highs again, despite the strong NFP report last Friday which pulled stock off the highs. There were some fears of a bearish reversal this week, with the Non-Farm Payrolls numbers ending the softening trend in the US employment, but the risk sentiment remained mostly positive throughout the day, which left stock markets bullish.

The US Non-Farm Payroll report for May 2024 exceeded expectations, with a substantial increase of 272,000 jobs compared to the projected 185,000. Private payrolls also saw a significant uptick, rising by 229,000 against the forecasted 170,000. Additionally, average hourly salaries and earnings showed a year-on-year increase of 4.1%.

Despite the negative impact of the NFP statistics on the S&P500 index, which fell by 0.1% on the day, the overall weekly performance remained positive, with a gain of 1.30%. Similarly, the NASDAQ index, although down by 0.2% for the day, recorded a weekly increase of 2.5%.

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Following a recent one-for-stock split, Nvidia shares experienced a rise of $1.11, or 0.93%, reaching $122.01. Overall, market sentiment remained bullish, leading to gains across major stock indices. Both the NASDAQ and the S&P 500 closed at record highs, with the S&P index rising by 0.25% to reach 5354.04 points, surpassing its previous high.

The NASDAQ index closed at 17192.53 points, reflecting a 0.35% increase. Despite fluctuations throughout the day, the Dow Industrial Average also ended in positive territory.

Notably, Crowdstrike saw a significant increase of $33.36, or 9.55%, reaching $382.59. This surge in share price coincides with the company’s inclusion in the S&P 500 index, marking a positive development for its market position.

S&P 500 Live Chart