4:12pm: Nvidia takes the crown as most valuable company
Wall Street in headed into June with a wave of optimism, as all major indexes closed higher on Tuesday amid renewed confidence in economic growth, resilient hiring, and a solid start to corporate earnings season.
Tech stocks led the charge once again, with the Nasdaq jumping 156 points, or 0.8%, to close at 19,399.
The Dow rose 214.16 points, or 0.5%, to settle at 42,520, while the S&P 500 added 34 points, or 0.6%, finishing the day at 5,970.
But it was the Russell 2000, the small-cap benchmark, that logged the biggest percentage gain of the day—up 30 points, or 1.5%, to end at 2,100.
One of the day’s biggest headlines came from Nvidia (NVDA), which leapfrogged Microsoft (MSFT) to become the world’s most valuable publicly traded company. The AI chipmaker’s market cap hit $3.444 trillion, narrowly edging past Microsoft’s $3.441 trillion, marking another milestone in what’s been a record-breaking year for AI-related stocks.
On the macro front, the latest JOLTS report showed US job openings unexpectedly rose in April to 7.39 million, even as new tariffs took hold. Hiring also ticked up, reinforcing the view that the labor market remains steady. The report adds intrigue heading into Friday’s May jobs data, a key signal for the Federal Reserve as it weighs its next policy move.
In commodities, oil prices climbed for a second straight session, supported by supply disruptions in Canada. West Texas Intermediate rose 1.4% to top $63 a barrel, its highest level in three weeks. Wildfires in Alberta have knocked out about 350,000 barrels per day of heavy crude production—more than three-quarters of what OPEC+ agreed to add back to the market over the weekend.
Geopolitical tensions also returned to the spotlight, with President Donald Trump insisting that any nuclear deal with Iran would exclude uranium enrichment, countering earlier reports of a potential compromise. Traders are also keeping a close eye on the fallout from a Ukrainian drone strike on Russian military targets, which has added a fresh layer of uncertainty to global markets.
All told, it was a strong session for equities, bolstered by bullish sentiment on multiple fronts—corporate strength, solid labor data, and a surprise power shift at the top of the tech world.
3:30pm: Proactive news headlines
Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF): Blockmate’s investee Hivello has enabled fiat purchases of its $HVLO token in over 130 countries through a new partnership with Banxa.
Energy Fuels Inc. (TSX:EFR, NYSE-A:UUUU): Energy Fuels achieved record monthly production of nearly 260,000 pounds of uranium oxide at its Pinyon Plain mine, a 71% increase from the previous month.
Signet Jewelers Limited (NYSE:SIG): Signet Jewelers exceeded earnings forecasts and raised its full-year guidance, supported by solid consumer demand and strong brand performance.
Black Swan Graphene (TSX-V:SWAN): Black Swan Graphene is boosting its production capacity to 140 tonnes annually with a new custom-built high-pressure homogenizer system.
First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF): First Phosphate raised C$3.52 million in the final tranche of its private placement, bringing total funds raised since June 2022 to about C$23.8 million.
GoviEx Uranium Inc (TSX-V:GXU, OTCQB:GVXXF): GoviEx has appointed Deogratias Bukunkwe as metallurgist for its Muntanga uranium project in Zambia, leveraging his 25+ years of plant operations experience.
C3 Metals Inc (TSX-V:CCCM, OTC:CARCF): C3 Metals has begun a 14-hole, 2,500-metre diamond drill program at its Super Block Project in Jamaica, targeting a significant gold trend.
NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF): NextSource is shifting its Battery Anode Facility project focus to larger-scale sites in Saudi Arabia and the UAE after regulatory delays in Mauritius.
Delivra Health Brands Inc. (TSX-V:DHB): Delivra Health has partnered with US shopping network QVC to expand its reach and consumer access in the American market.
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF): Rainbow Rare Earths has advanced lab testing and trade-off studies at its Phalaborwa project, with its Johannesburg lab now operational.
Ananda Pharma Plc (AQSE:ANA, OTCQB:ANANF): Ananda Pharma has registered its Phase I clinical trial for a cannabidiol-based pain treatment on ClinicalTrials.gov, moving toward human testing.
2:50pm: Musk slams 'big, beautiful bill'
Elon Musk delivered his strongest criticism yet of President Trump’s flagship tax and spending bill on Tuesday, calling it a “disgusting abomination” and rebuking lawmakers who supported it.
In a series of posts, Musk condemned the bill’s multi-trillion dollar price tag and its impact on the federal deficit, aligning himself with fiscal conservatives like Rep. Thomas Massie, who echoed Musk’s concerns.
The criticism marked a sharp escalation in Musk’s opposition to the legislation, placing him at odds with Trump, who continues to champion the bill as a “big beautiful” success.
Musk, who recently led a federal efficiency task force, has argued the bill undermines deficit-reduction efforts.
1:18pm: Stocks on the move
Energy Fuels Inc. (TSX:EFR, NYSE-A:UUUU) shares popped almost 15% on Tuesday after the uranium producer reported another record month of production at its Pinyon Plain mine in Arizona.
Hims & Hers (NYSE:HIMS), a leading US-based health and wellness platform, is expanding into Europe via its acquisition of telehealth platform and online pharmacy Zava. Shares traded down 1.6% on Tuesday afternoon.
Shares of Signet Jewelers Limited (NYSE:SIG) jumped almost 10% after the world’s largest diamond jewelry retailer posted better-than-expected quarterly earnings and raised its full-year profit forecast, citing resilient consumer demand and strong performance across its store brands.
Dollar General Corp (NYSE:DG) shares surged almost 15% after its first quarter earnings significantly beat estimates and the discount retailer raised its full-year profit and sales guidance.
12:41pm: Stocks edge higher
Stocks moved higher in the early afternoon on Tuesday as the latest JOLTS report, which showed job openings increased in April, more than offset the OECD’s tariff warning.
The Nasdaq led the gains, driven higher by chipmakers, with Micron Technology up 4.4% and Nvidia added 3.2%. The index added 1% at 19,443 points.
The Dow Jones was up 0.4% at 42,485 points while the S&P 500 added 0.7% at 5,974 points.
"The OECD projects global economic growth to slow to 2.9% in 2025 and 2026, down from 3.3% in 2024, primarily due to escalating trade tensions and protectionist policies, notably US tariffs under President Trump, which are also expected to reduce US growth to 1.6% in 2025,” Axel Rudolph, senior technical analyst at IG said.
“Increased private sector job openings but the first decline in five months in US factory orders seem to have balanced each other out with investors looking ahead to Friday's non-farm payrolls."
11:33am: Jobs data surprises
Job openings in the United States unexpectedly increased to 7.39 million in April, according to the latest Job Opening and Labor Turnover Survey (JOLTS) report released on Tuesday.
This increase was up from 7.2 million openings in March and surpassed economists’ expectation of 7.1 million.
Hiring also increased in April by 169,000 to 5.573 million, indicating employers retained some confidence in hiring despite economic uncertainty.
However, layoffs increased by 196,000 to 1.786 million, reflecting some cooling in the labor market amid concerns over trade policy and economic outlook.
Analysts at Wells Fargo noted that while job openings ticked higher last month, the overall picture is one of cautious resilience rather than renewed momentum.
The ratio of job openings to unemployed workers, closely monitored by the Federal Reserve (FOMC) as an indicator of labor market slack, remained nearly unchanged.
At current levels, the ratio is hovering near its lowest point during an economic expansion since early 2018, reinforcing the idea that labor demand has cooled, though not collapsed.
Wells Fargo added that while “soft” data such as consumer surveys and regional Federal Reserve employment indicators, suggest worsening labor conditions, the JOLTS report adds to a collection of “hard” data showing that the labor market, while cooling, remains intact.
“With the FOMC focused on the hard data in determining what, if any adjustments, must be made to its policy stance, the latest readings on job openings and turnover will not be enough to get the committee out of wait-and-see mode,” the analysts wrote.
10:35am: Tariffs slam global growth
The OECD has significantly downgraded its global growth forecasts following new tariffs introduced by US President Donald Trump, projecting just 2.9% growth in 2025 and 2026—its lowest since the 2020 pandemic.
The revised outlook reflects widespread economic strain, with nearly all G20 countries downgraded and particular weakness expected in the US, where growth is seen falling to 1.5% by 2026.
The OECD attributes much of this slowdown to sharply increased US tariffs, now averaging over 15%, which are already impacting business investment and trade flows. Inflationary effects from tariffs are also likely to prevent the Federal Reserve from cutting interest rates, contrary to earlier market expectations.
Nigel Green, CEO of deVere Group, warns that this marks a fundamental change in the global economic landscape, urging investors to act swiftly.
“Investors have been relying on assumptions that no longer match reality,” he said. “Growth is slowing, trade costs are rising, and central banks are more constrained than many had hoped. Allocations need to reflect that immediately.”
Green emphasized that current policies are already reshaping supply chains and investment decisions, and those waiting for further confirmation risk falling behind.
“Delaying decisions increases the risk of being caught off-balance,” he added. “Those who make adjustments now are more likely to protect value and find opportunities others miss.”
9.55am: Mixed start for Wall Street
US stocks have had a mixed start, with the Dow Jones down 0.1% but the Nasdaq is up 0.25%, with the S&P 500 flat.
Constellation Energy Corp is the top Nasdaq riser, up 6.9% after Meta Platforms signed a 20-year agreement to purchase nuclear energy from its Clinton Clean Energy Center in Illinois.
Chipmakers are a bigger force, with Nvidia, Broadcom, ARM Holdings and Microchip Technology all up at least 1%.
Fallers on the Dow are led by Coca Cola and Verizon, followed by Procter & Gamble, Nike and Visa.
8.10am: Dow Jones tipped to trip lower as US growth downgraded
US stocks are expected to start Tuesday in the red as US growth forecasts were cut by the OECD due to the impact of tariffs and lack of major trade deals to date.
Futures for the Dow Jones were down 0.2%, while those for the S&P 500 were 0.1% lower and for the Nasdaq 100 just below flat.
This follows a fight-back the day before, as stocks closed higher after starting the day in red, despite underwhelming manufacturing PMI data.
Energy and tech stocks provided a lift as the S&P closed with a 0.4% gain, while the Nasdaq finished 0.7% higher and the Dow Jones up 0.1%.
Asian and European stocks have been mixed in the early hours, with Japan's Nikkei just above flat, Hong Kong's Hang Seng rebounding 1.3% to recover from yesterday's losses, mainland Chinese markets moderately positive as they resumed trading after a long weekend.
The dollar is stronger this morning, helped by a weaker euro, with the DXY dollar index recovering a fair proportion of Monday’s losses that saw it sink to a six-week low.
Chinese stocks have perhaps been boosted by US Press Secretary Leavitt last night suggesting that presidents Trump and Xi could still speak as soon as this week, though weak Caixin manufacturing data highlighted a slowdown in global economic activity as a result of Trump’s tariffs and hit European stocks, though London's FTSE was flat.
US economic activity is forecast to slow significantly over the next two years, the OECD predicted in its latest growth outlook report.
GDP is expected to grow 1.6% in 2025 and 1.5% in 2026, down from the 2.8% seen last year and below the initial forecasts of 2.2% and 1.6% made in March.
“To ensure sustained growth and resilience, it will be important to mitigate the disruption and uncertainty now prevailing. One key step is to resolve tensions with international trading partners,” the OECD helpfully stated.
Earnings include CrowdStrike, HPE, Dollar General and Signet Jewelers.
The day's macroeconomic data includes factory orders (expected to be down 3.2%), durable goods (expected to be down 6.3%) and the first insight into the US jobs market for the week, with the JOLTS report acting as an entree for the non-farm payrolls in three days' time.