US Equity Markets Extend Rally to Records on AI Momentum, Jobs Data

MT Newswires Live06-03

US equity indexes closed higher Tuesday as the three major gauges extended a rally to records, fueled by the AI boom and stronger-than-expected jobs data.

* US job openings rose to 7.618 million in April, according to the Bureau of Labor Statistics, above the 6.866 million expected in a Bloomberg poll and up from the 6.887 million reported in March.

* Redbook US same-store sales last week rose 9% from a year earlier, matching the pace in the previous week.

* July West Texas Intermediate crude oil rose $1.56 to settle at $93.72 per barrel, while August Brent crude, the global benchmark, was last seen up $1.12 at $96.08 amid conflicting reports of the status of peace talks between Washington and Tehran.

* Marvell Technology (MRVL) shares surged 32%, the biggest gain on the Nasdaq, after multiple news outlets reported the chipmaker was dubbed the next trillion-dollar company by Nvidia (NVDA) CEO Jensen Huang.

Hewlett Packard Enterprise (HPE) shares jumped 19%, a day after as the company lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.

* Intuit (INTU) shares fell 9%, the second-largest drop on the Nasdaq, after Goldman Sachs downgraded the stock to sell from neutral and cut its price target to $276 from $519.

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