Tech Takes the Lead as Markets Rally
- NexxtGen Markets
- 2 days ago
- 3 min read
Good morning, here's the latest Global Financial Markets update from Steve Halls at NexxtGen Markets here in the City of London.
Markets continued their tech-driven surge, with the S&P 500 gaining +0.6%, the Nasdaq rising +0.8%, and the Dow adding +0.5%—marking a second consecutive day of gains. However, futures are pointing lower, signalling potential volatility ahead.
Meanwhile, Wells Fargo climbed after the Federal Reserve lifted its asset cap, removing a major post-scandal restriction and unlocking new growth opportunities for the bank.
Investors are gearing up for a big day ahead, with earnings reports from Dollar Tree, Five Below, and MongoDB, alongside the Circle IPO debut and ADP jobs data, expected at 112,000 new private-sector jobs.
Market Movers
Several stocks made big moves last week:
Nvidia Becomes the World’s Most Valuable Company
Nvidia reclaimed the top spot, surpassing Microsoft, with a $3.45 trillion market cap. Shares climbed +3%, fueled by booming AI chip demand from companies like OpenAI and Meta.
With 69% revenue growth, Nvidia continues to dominate the semiconductor and AI acceleration space, solidifying its position as a market leader.
Ford Sales Jump Despite EV Struggles
Ford reported a 16.3% U.S. sales increase in May, driven by strong hybrid and gas vehicle demand. Its employee pricing promo helped offset tariff-related price hikes, even as EV sales fell -25%.
Toyota Industries Plunges on Buyout Deal
Shares dropped -13% after Toyota Group’s $33B privatisation bid, which offered a 12% discount to Tuesday’s close. Critics argue the offer is unattractive, highlighting pressure on Japanese firms to unwind cross-shareholdings.
Trump’s Truth Social Eyes Bitcoin ETF Launch
NYSE Arca filed to list a Truth Social-linked Bitcoin ETF, deepening Trump Media’s crypto expansion. Backed by a $2.5B Bitcoin treasury plan and a Crypto.com partnership, the move signals a major political player entering the $130B spot Bitcoin ETF market.
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