US markets end higher on Wednesday

06 Jun 2024 Evaluate

The US markets ended higher on Wednesday, with the Nasdaq and the S&P 500 reaching new record closing highs. The surge by the Nasdaq came as tech stocks continued to take their cues from Nvidia (NVDA), as the AI darling soared by 5.2 percent to a new record closing high.Last month, Nvidia announced a ten-for-one stock split, with holders of the company's common stock as of the close of trading on Thursday set receive nine additional shares. The advance by Nvidia contributed to strength in the broader semiconductor sector, resulting in a 4.5 percent spike by the Philadelphia Semiconductor Index. Semiconductor equipment manufacturers Applied Materials (AMAT) and KLA Corp. (KLAC) also posted standout gains after Barclays upgraded its rating on the stocks to Equal-Weight from Underweight. Computer hardware stocks are also saw substantial strength on the day, driving the NYSE Arca Computer Hardware Index up by 3.4 percent.

Some support also came as a report from payroll processor ADP showing private sector job growth in the U.S. slowed by more than expected in the month of May added to optimism about the outlook for interest rates. ADP said private sector employment climbed by 152,000 jobs in May after jumping by a downwardly revised 188,000 jobs in April. Street had expected private sector employment to increase by 173,000 jobs compared to the addition of 192,000 jobs originally reported for the previous month. Meanwhile, traders largely shrugged off a separate report from the Institute for Supply Management showing service sector activity returned to growth in the month of May after contracting in April for the first time since December 2022 The ISM said its services PMI jumped to 53.8 in May from 49.4 in April, with a reading above 50 indicating growth in the sector. Street had expected the index to inch up to 50.8. With the much bigger than expected increase, the services PMI reached its highest level since hitting 54.1 in August 2023.

Dow Jones Industrial Average rose 96.04 points or 0.25 percent to 38,807.33, Nasdaq surged 330.86 points or 1.96 percent to 17,187.90 and S&P 500 was up by 62.69 points or 1.18 percent to 5,354.03.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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Fiduciary-first advisory model.
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Deep fundamental research + robust valuation discipline.
Built on more than 15 years of equity research, our framework combines quality assessment, intrinsic value estimation, and a sensible margin-of-safety approach.
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Investing in stocks, mutual funds, debt, and gold
Quality-at-Reasonable-Price way of investing in stocks
Constructing Direct Stock Portfolios with Core, Booster, and Amplifier stocks
A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
Clear Buy-Sell-Hold, and Position-sizing frameworks

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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