The U.S. market closed at fresh record highs as investors reacted to major downward revisions in labor market data and anticipated imminent Fed rate cuts. The S&P 500 advanced 0.3% to 6,512.61, the Dow Jones added 0.4% to 45,711.34, and the Nasdaq Composite climbed 0.4% to 21,879.49, all setting new peaks. Only the Russell 2000 declined, down 0.5% to 2,381.82, as smaller caps lagged the major indices.
Macroeconomic Reports
A major Bureau of Labor Statistics revision showed the U.S. economy added 911,000 fewer jobs through March 2025 than previously estimated, suggesting the labor market was materially weaker heading into new tariff rounds. This revision is viewed as cementing the likelihood of a Fed rate cut at next week’s FOMC meeting. Markets are pricing in a 25-basis-point cut, with odds of a half-point move rising after today’s data.
Featured Stock News
Apple (AAPL)
Apple unveiled its iPhone 17 line, including a slimmer iPhone Air and new Apple Watches, while holding device prices steady in the face of new tariffs. Despite cost pressures, Apple avoided price hikes and emphasized device innovation over aggressive AI marketing. The new lineup aims to reinvigorate sales after a lackluster spring.
Broadcom (AVGO)
Broadcom continued its AI-fueled rally, with shares up over 13% post-earnings. Momentum is driven by a new $10B AI chip client—likely OpenAI—and surging demand for application-specific integrated circuits (XPUs). Management’s bullish Q4 guidance and sector leadership in networking and datacenter solutions fueled analyst optimism.
NVIDIA (NVDA, $170.76, +1.46%)
NVIDIA unveiled its new Rubin CPX GPU platform for massive-context AI and generative video at the AI Infra Summit. Shares declined 2.7% as investors digested Broadcom’s XPU gains, but analysts maintain bullish ratings given strong AI data center demand and NVDA’s commanding market share.reuters+4
Tesla (TSLA, $346.97, +.16%)
Insider selling was reported by the CFO, while market attention remains on new robotaxi initiatives and CEO compensation tied to future valuation goals. Tesla continues to navigate competitive pressures and shifting market sentiment regarding its tech-focused growth strategy.ainvest+2
Meta Platforms (META, $765.70, +1.78%)
Meta faced fresh scrutiny on Capitol Hill, with whistleblowers testifying that the company put VR profit ahead of youth safety and manipulated internal research. Congressional ire and calls for stricter regulation of tech and AI for minors marked today’s developments.
McDonald’s (MCD)
McDonald’s rolled out new Extra Value Meals with price cuts of about 15% on key combos to draw price-sensitive customers back after years of menu cost inflation. Early consumer reaction is tepid, as even discounted meals remain high compared to pre-2020 pricing.
Intel (INTC)
The company announced a key executive shakeup, with data center veteran Kevork Kechichian and other leaders stepping into new roles to drive custom chip and data platform strategies. Analysts see these changes as a necessary step in Intel’s ambitious turnaround.
MongoDB (MDB, $331.09, +2.41%)
The database provider posted a 24% YoY Q2 revenue jump and emphasized AI-native customer wins at the Goldman Sachs conference. Shares gained 2.4% on guidance for continued growth and margin expansion, leveraging strong demand for cloud and AI-powered data management.seekingalpha+5
Oracle (ORCL, $241.51, +1.27%)
Oracle soared over 28% after hours projecting its AI-fueled cloud revenue will exceed $144 billion by 2030, propelled by robust bookings and multi-billion-dollar customer contracts. Despite an earnings miss, Wall Street focused on Oracle’s remaining performance obligations jumping 359% and a bullish AI cloud outlook.
Palantir Technologies (PLTR, $162.36, +4.01%)
Palantir gained 3.7% as it announced expanded business with Lear and Lumen and reported strong Q2 financials, including a 48% jump in revenue and raised guidance. Recent analyst upgrades reflect market conviction in Palantir’s growth in AI and industrial analytics.finviz+5
Rio Tinto Group (RIO)
Shares slipped 2.8% amid fresh controversy about carbon credits and pressure from the Guinean government to build a refinery for the massive Simandou iron ore project. Declining institutional support and questions about future capex commitments weighed on sentiment.
Mergers, Acquisitions, IPOs
London-listed Anglo American (AAL.L) and Canada’s Teck Resources (TECK-B.TO) have sealed a transformative, “merger of equals” deal that will reshape the mining landscape—creating a copper powerhouse with a combined market capitalization north of $53 billion, headquarters in Vancouver, and core operations spanning London and Johannesburg. As investors absorb this landmark news, Hecla Mining (HL) has emerged as a standout performer—riding strong Q2 results and surging silver prices to fresh 52-week highs and YTD returns over 105%, far outpacing the broader market.
Tariffs, Fed, Treasury Yields
- The Supreme Court agreed to hear a major appeal on U.S. tariffs, which kept the topic in market headlines, but no new tariffs or U.S.-China developments occurred today.
- The 10-year Treasury yield rose to 4.109%, and the 2-year to 3.56% as markets anticipate next week’s FOMC rate decision.
- No FOMC announcements today, but market odds continue to project a 25-basis-point cut at the upcoming meeting, following today’s dismal job revisions.
Commodities & Cryptocurrencies Closing Prices
- Gold: Closed at $3,680.10/oz.
- Silver: Ended at $41.54/oz, +.48%. The iShares Silver trust (SLV) fell .86% to $37.18 and is up +41.21% YTD.
- Oil (WTI): Finished at $63.31/barrel, +1.09% and down 13.43% YTD.
- Bitcoin (BTC): Currently trading at ~$111,522.77.
