Nvidia Nears Historic Milestone Amid U.S. Market Resilience

In a banner day for U.S. markets, the S&P 500 and the Nasdaq hit record highs following a robust employment report that showcased the strength of the labor market. Tech giant Nvidia saw stock gains, with a 2.4% rise, inching it closer to the title of the most valuable global company at nearly $4 trillion.

A surprise surge in nonfarm payrolls, with a 147,000 increase last month, outstripped economists' predictions and kept the unemployment rate at a steady 4.1%. Brian Klimke, chief market strategist at Cetera Investment Management LLC, noted the unexpected resilience of the job market which may allow the Federal Reserve more time before making interest-rate decisions.

The current economic outlook has traders recalibrating their expectations of future rate cuts by the Fed. At the same time, legislative advancements such as President Trump's tax-cut bill move closer to realization, adding heat to the positive market trend. The Dow Jones also rose considerably, bolstered by improved trading conditions and pivotal policy shifts.

(With inputs from agencies.)