The US markets edged higher on June 5 as Nvidia surged to new highs and economic data prompted a rise in expectations for Federal Reserve’s rate cuts. The weak labor market data, which showed hiring slowed down to 152,000 jobs last month gave hopes to investors that the rate cuts may happen sooner-than-expected.
At 9:15pm IST, the S&P 500 was up 0.77 percent at 5,332 and the Nasdaq Composite jumped 1.40 percent higher to 17,093. The Dow Jones Industrial Average also moved 0.13 percent higher to 38,762.
The AI chipmaker led the indices higher as it created a new 52-week high of $1,199.93 on Wednesday. At 9:30pm, the stock was up three percent at $1,199.37.
The GIFT Nifty traded 0.55 percent higher after Indian indices traded positive earlier during the day.
Indian indices recovered from their massive tumble on election results day and moved higher on Wednesday. Nifty ended 3.36 percent higher at 22,620.35 and the Sensex was up 3.20 percent at 74,382.24.
European markets traded higher as business activities in the Euro zone grew in May, making it three months in a row. FTSE was up 0.18 percent at 8,246.95 and the Dax edged 0.89 percent higher to 18,570.27. CAC was also up 0.87 percent at 8,006.57.
Earlier during the day, the Asian indices edged lower as investors awaited key economic data from the ECB and the US monthly payroll data. Nikkei fell 0.89 percent to 38,490.17 and the Hang Seng was marginally down at 18,424.96.
DIIs net purchased Rs 4,555.08 crore in Indian equities, while FIIs/FPIs extended their selling for a second day in a row at sold Rs 5,656.26 crore.
Crude broke away from its 5-day losing streak and edged 0.59 percent higher to $73.68. Brent also moved 0.57 percent higher to $77.96.
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