Daily Market Recap: Tech Leads Rally, Futures Climb, and Investors Eye Jobs Data

Image Source : Krish Capital Pty Ltd

Index Update: U.S. stocks extended gains on Tuesday, with the S&P 500, Nasdaq, and Dow all rising, led by strength in technology shares. Nvidia surged 2.8%, reclaiming its spot as the world’s most valuable publicly traded company. After hours, Hewlett Packard rallied on strong earnings, while CrowdStrike dropped on weak guidance. Investors are now turning attention to upcoming labor market data, including reports on private payrolls, jobless claims, and the May jobs report.

Market Movers: On Tuesday, the top gainers were CTRL Group Limited (+571.44%), followed by NewGenIvf Group Limited (+115.12%). On the contrary Zhengye Biotechnology Holding Limited (-22.38%) and QVC Group, Inc (-21.75%) declined the most the same day.

Commodities Update: Oil prices traded flat as earlier losses were pared, with WTI near $63.30 and Brent around $65.60 per barrel. Traders assessed mixed signals, including OPEC+ announcing a July output hike of 411,000 barrels per day, following similar increases in previous months. Canadian wildfires temporarily disrupted 7% of national output, though recent rain helped restore some production. In the U.S., a larger-than-expected 3.3 million-barrel draw in crude inventories added support to prices. Market focus also remained on potential trade talks between the U.S. and China. Gold rebounded to about $3,360 per ounce, supported by its safe-haven appeal amid growing geopolitical and economic uncertainty. The OECD downgraded its global growth outlook, citing trade tensions and weak U.S. factory data, though job market strength offered some relief. Trade relations remained strained, with new U.S. tariffs on metals and ongoing friction with China. Geopolitical risks were further heightened by continued Russia-Ukraine conflict and Iran’s likely rejection of a U.S. nuclear proposal.

Macro Update: The U.S. 10-year Treasury yield held near 4.45% as investors awaited key labor market data that could impact Federal Reserve policy. While job openings rose unexpectedly in April, signaling labor market strength, factory orders fell sharply, highlighting manufacturing weakness. Despite pressure from President Trump for rate cuts, Fed officials remain cautious, favoring steady rates amid trade and global growth uncertainties.

Futures Update: U.S. stock index futures moved higher, building on the previous session’s strong performance, driven by optimism around potential trade talks between President Trump and President Xi that could revive negotiations. Major indexes on Wall Street had closed higher earlier, supported especially by gains in chip stocks, as investors awaited further details on upcoming trade discussions between the U.S. and various countries.

Following an early-week weakness that mostly subsided by Monday’s session, stocks experienced further gains during Tuesday’s trading. The S&P 500 rose by 34.41 points, or 0.58%, closing at 5,970.36. Technical analysis suggests the index is nearing a confluence zone that previously served as resistance, indicating a possible period of consolidation before a significant move, as highlighted in previous commentary and reflected in chart patterns. Additionally, the emergence of a golden cross between key moving averages points to a potential shift toward a more bullish outlook, which could offer support in the short term. Support levels are estimated around 5,777, with resistance near 6,047.