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Federal Reserve Chair Powell stated at the European Central Bank Forum that prices are now showing signs of resuming a disinflationary trend, and significant progress has been made on curbing inflation. He refrained from indicating a specific timeline for the initial interest rate reduction but acknowledged a significant enhancement in labor market equilibrium, characterizing it as robust yet appropriately moderating. 

Additionally, job vacancies rose by 221,000 in May from the previous month, totaling 8.140 million and exceeding market predictions of 7.91 million. A tight labor market bolsters expectations of a strong non-farm payroll report on Friday. 

On Tuesday, both the S&P 500 and Nasdaq reached new peak levels, increasing by 0.62% and 0.84% respectively. The Dow Jones Industrial Average, buoyed by substantial gains in large-cap stocks, ascended by 162.33 points (0.41%). In terms of sectors, consumer discretionary and financial sectors were the frontrunners, whereas the energy and healthcare sectors did not perform as well.  

Among the mega-cap companies, Apple (AAPL.US), Amazon (AMZN.US), and Tesla (TSLA.US) notably exceeded expectations with gains of 1.62%, 1.42%, and an impressive 10.20% respectively. Tesla’s stock particularly surged following higher-than-expected delivery numbers. On the other hand, French regulators plan to charge Nvidia (NVDA.US) with anti-competitive practices, sources report. The action marks the first against the chipmaker. Nvidia’s stock fell 1.31% on the news. 

(S&P 500 Index Yearly Chart) 

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