U.S. stocks rose on Tuesday, driven by gains in chip stocks and a higher-than-expected number of job openings in April, as investors continued to bet on the strength of the U.S. economy.
Key Highlights
- Nvidia Corp led the charge with a 2.8% increase, reclaiming its title as the most valuable publicly traded company in the world after briefly losing it to Tesla Inc last week.
- The surge in stock prices was supported by strong job market data, with the Labor Department reporting:
- 311,000 jobs added in April.
- Unemployment fell to 3.7%.
- Average hourly earnings rose 0.4% from March and were up 5% from a year ago.
Economic Insights
Michael Feroli, chief economist at JPMorgan Chase & Co., noted that "job openings are still at very high levels," and he expects hiring to continue through May or June before slowing down later this year due to tighter monetary policy.
Global News
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South Korea’s Opposition Party: Leader Lee Jae-myung won a snap presidential election against conservative candidate Kim Moon Soo, campaigning on economic growth and social welfare policies amid rising living costs.
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Bank of America Analysts: They believe several financial services stocks could be added to the S&P 500 index in future rotations, as these stocks have been underrepresented compared to their global peers.
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Elon Musk’s Political Commentary: Musk criticized President Donald Trump’s proposed legislation, calling it "a disgusting abomination."
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Toyota Industries Corp: Shares slumped after investors expressed dissatisfaction with a plan to take Japan’s largest industrial machinery maker private through a $44 billion acquisition deal, including debt.
Chip Stocks Rise
Nvidia’s performance boosted chipmakers as investors looked ahead to quarterly results from Intel Corp later this week. Recent earnings reports from Advanced Micro Devices Inc (AMD) and Micron Technology Inc (MU) were disappointing:
- Micron: Shares fell nearly 10% after reporting lower-than-expected sales.
- AMD: Shares dropped about 15%.
Intel is expected to report quarterly results on Thursday morning, with guidance for its fiscal third quarter anticipated to be flat sequentially, according to consensus estimates.
Other Notable Stock Movements
- Apple Inc: Rose more than 1% ahead of quarterly results expected late Thursday.
- Microsoft Corp: Climbed nearly 3% ahead of quarterly results expected late Thursday.
- Amazon.com Inc: Gained more than 2% ahead of quarterly results expected early Friday.
- Alphabet Inc: Climbed 1% ahead of quarterly results expected early Friday.
- Meta Platforms Inc: Gained 2% before reporting second-quarter revenue late Thursday.
- Tesla: Shares slipped slightly but remained above the $1 trillion market capitalization level, despite Musk indicating he may sell some stock if his Twitter account gets suspended again.
Automotive Sector Developments
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Ford Motor Co: Jumped 4% after announcing plans for new electric vehicles, including an electric F-Series pickup truck based on the current F-150 model. Production at Ford’s BlueOval SK Battery Park plant has been halted due to rising lithium hydroxide prices.
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General Motors Co: Rose 3% after announcing plans for new electric vehicles, including an electric Chevrolet Silverado pickup truck. Production at GM’s Ultium Cells LLC battery plant has also been halted for similar reasons.
Both Ford and General Motors expect to build all-electric versions of their vehicles starting next spring and summer, respectively, with plans to use domestically made batteries in the future.
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